Assume that consumers’ incomes and the number of sellers in the market for goods A both decrease. Based upon this information, we can conclude, with certainty, that the equilibrium
A. price will increase.
B. price will decrease.
C. quantity will increase.
D. quantity will decrease.
Answer:D
Assume that consumers’ incomes and the number of sellers in the market for goods A both decrease. Based upon this information, we can conclude, with certainty, that the equilibrium
A. price will increase. B. price will decrease. C. quantity will increase. D. quantity will decrease.