2. Which of the following will lead to an increase in the equilibrium price of product “X”? A(n)

a. increase in consumer incomes if product “X” is an inferior good

b. increase in the price of machinery used to produce product “X”

c. technological advance in the production of good “X”

d. decrease in the price of good “Y” (a substitute for good “X”)

e. expectation by consumers that the price of good “X” is going to fall