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In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply

In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X.

If X is a normal good an increase in income will

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  • increase D, increase P, and increase Q.
  • increase S, increase P, and increase Q.
  • decrease S, increase P, and increase Q.
  • decrease D, decrease P, and increase Q.

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