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Suppose that good X is an inferior good and that average incomes of consumers rise.What will happen to the equilibrium price and quantity of good
Suppose that good X is an inferior good and that average incomes of consumers rise.What will happen to the equilibrium price and quantity of good X?
Price of Good X (rises/falls), Quantity of good X (rises/falls)
Please explain why price and quantity rises or falls. Thank you
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