RayeK4397 RayeK4397

09-12-2022
SAT

Answered

If tortilla chips are a normal good, what happens to equilibrium price and quantity when there is an increase in income?
a) Equilibrium price decreases and equilibrium quantity decreases.

b) Equilibrium price increases and equilibrium quantity increases.

c) Equilibrium price increases and equilibrium quantity decreases.

d) Equilibrium price decreases and equilibrium quantity increases.

Answer :

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