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.

Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
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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.  

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