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Tidy Tidy
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9 years ago
In each of the following situations, list what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is an inferior good.

a.   The population decreases and productivity increases
b.   The income increases and the price of inputs increase
c.   The number of firms in the market decreases and income decreases
d.   Consumer preference decreases and the price of a complement increases
e.   The price of a substitute in consumption increases and the price of a substitute in production increases
Textbook 
Essentials of Economics

Essentials of Economics


Edition: 4th
Authors:
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Repeat after me: 'Calm down. Things are gonna be fine. Things are gonna be all great. Just relax.' Wink Face
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SydnieSydnie
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9 years ago
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9 years ago
I was confident with my answer, glad it was correct.

Oh, and thumbs-up are more than welcome Slight Smile
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