The market for blue jeans is in equilibrium. Blue jeans are a normal good for consumers. If a recession reduces consumers' incomes at the same time that the price of denim (an input in the making of blue jeans) increases, we can say with certainty that as a result: the equilibrium price of blue jeans will decrease the equilibrium price of blue jeans will increase the equilibrium quantity of blue jeans will increase the equilibrium quantity of blue jeans will decrease

The market for blue jeans is in equilibrium. Blue jeans are a normal good for consumers. If a recession reduces consumers' incomes at the same time that the price of denim (an input in the making of blue jeans) increases, we can say with certainty that as a result: the equilibrium price of blue jeans will decrease the equilibrium price of blue jeans will increase the equilibrium quantity of blue jeans will increase the equilibrium quantity of blue jeans will decrease

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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