What would happen to the equilibrium price and quantity of macaroni and cheese if consumers' income fall and macaroni and cheese is an inferior good? a. both the equilibrium price and quantity would increase b. both the equilibrium price and quantity would decrease c. the equilibrium price would increase, and the equilibrium quantity would decrease. d. the equilibrium price would decrease, and the equilibrium quantity would increae.
What would happen to the equilibrium price and quantity of macaroni and cheese if consumers' income fall and macaroni and cheese is an inferior good? a. both the equilibrium price and quantity would increase b. both the equilibrium price and quantity would decrease c. the equilibrium price would increase, and the equilibrium quantity would decrease. d. the equilibrium price would decrease, and the equilibrium quantity would increae.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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What would happen to the
a. both the equilibrium price and quantity would increase
b. both the equilibrium price and quantity would decrease
c. the equilibrium price would increase, and the
d. the equilibrium price would decrease, and the equilibrium quantity would increae.
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