A. Define equilibrium price and equilibrium quantity.(1 Point)

B. What would happen to the equilibrium price and equilibrium quantity in the following cases?(2 points)Please provide the reasoning for your answer.(2 points)

1. a decrease in income for a normal good and a decrease in the price of an input
2. a technological advance and a decrease in the number of buyers
3. a decreasein the price of a substitute and an increase in the number of suppliers
4. producers' expectations that prices will soon decrease and a decrease in consumer tastes for the good