Suppose that the incomes of buyers in a particular market for an inferior good increase and there is also an increase in input prices. What would we expect to occur in this market? Select one: O a. The equilibrium price would increase, but the impact on the amount sold in the market would be ambiguous. O b. The equilibrium price would decreasebut the impact on the amount sold in the market would be ambiguous. Oc Equilibrium quantity would increase. but the impact on equilibrium price would be ambiguous. O d. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous

Suppose that the incomes of buyers in a particular market for an inferior good increase and there is also an increase in input prices. What would we expect to occur in this market? Select one: O a. The equilibrium price would increase, but the impact on the amount sold in the market would be ambiguous. O b. The equilibrium price would decreasebut the impact on the amount sold in the market would be ambiguous. Oc Equilibrium quantity would increase. but the impact on equilibrium price would be ambiguous. O d. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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