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There is a decrease in the income for the population and the price for tractors used by apple farmers increases . What would be the
There is a decrease in the income for the population and the price for tractors used by apple farmers increases . What would be the effects of each of the following on the equilibrium price and equilibrium quantity for apple? Note: apples are a normal good
1- equilibrium price is indeterminate and equilibrium quantity decreases
2- equilibrium price decreases and equilibrium quantity decreases
3- equilibrium price is indeterminate and equilibrium quantity increases
4- equilibrium price decreases and equilibrium quantity increases
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