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In year 1 the average price of X is $10, and in year 2 the average price of X is $23. If consumers ...

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In year 1 the average price of X is $10, and in year 2 the average price of X is $23. If consumers ...

In year 1 the average price of X is $10, and in year 2 the average price of X is $23. If consumers buy more units of X in year 2 than in year 1, it follows that

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the law of supply does not hold for good X.

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demand for good X could be higher in year 2 than in year 1.

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supply of good X could be less in year 2 than in year 1.

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good X buyers have received an increase in income between year 1 and year 2, and good X is a normal good.

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b and d

Textbook

Economics

Edition: 12^th

Author: Arnold

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