Question
The equilibrium price in the market has fallen and so has the equilibrium quantity. This could be happening because: A Technology is rapidly advancing B
The equilibrium price in the market has fallen and so has the equilibrium quantity. This could be happening because:
ATechnology is rapidly advancing
BFactor prices are falling
CIncome has fallen and it is a normal good
DFactor prices are rising
If consumer income fell and the cost of inputs used in producing a good also fell we would expect equilibrium price to:
AIncrease
BDecrease
CStay the same
DCannot say
If consumer income fell and the cost of inputs used in producing a good also fell we would expect equilibrium quantity to:
AIncrease
BDecrease
CStay the same
DCannot say
and please explain each pf then
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