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A market is in equilibrium. What will happen to the equilibrium price and quantity following an ...

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A market is in equilibrium. What will happen to the equilibrium price and quantity following an ...

A market is in equilibrium. What will happen to the equilibrium price and quantity following an increase in income and a fall in the costs of production?

▸ A fall in equilibrium price and a fall in equilibrium quantity

▸ A rise in equilibrium price and a rise in equilibrium quantity

▸ A fall in equilibrium price but a rise in equilibrium quantity

▸ A rise in equilibrium quantity, but an unknown effect on price

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Essential Economics for Business

Edition: 5^th

Authors: Sloman, Jones

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