O O O Price (dollars) 127 D₁ D₁ Quantity Refer to Figure 3-5. In the market shown, if equilibrium was originally at point 7 and the new equilibrium is now at point V, this change may have been caused by O a. an increase in consumers' income (assuming that this is an inferior good) and a simultaneous improvement in technology in the production of this good. O b. a decrease in consumers' income (assuming that this is an inferior good) and a simultaneous decline in technology in the production of this good. O c. an increase in consumers' income (assuming that this is an inferior good) and no change in supply. O d. a decrease in consumers' income (assuming that this is an inferior good) and no change in supply.

O O O Price (dollars) 127 D₁ D₁ Quantity Refer to Figure 3-5. In the market shown, if equilibrium was originally at point 7 and the new equilibrium is now at point V, this change may have been caused by O a. an increase in consumers' income (assuming that this is an inferior good) and a simultaneous improvement in technology in the production of this good. O b. a decrease in consumers' income (assuming that this is an inferior good) and a simultaneous decline in technology in the production of this good. O c. an increase in consumers' income (assuming that this is an inferior good) and no change in supply. O d. a decrease in consumers' income (assuming that this is an inferior good) and no change in supply.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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