Refer to Exhibit 3-2. Suppose equilibrium is at point C. Something then changes and equilibrium becomes point B. Which of the following is consistent with the change in equilibrium from point C to B (assuming that good X is a normal good)? a. There was a decrease in resource prices and income stayed constant b. There was an increase in resource prices and income stayed constant c. There was a decrease in resource prices and income increased d. There was an increase in resource prices and income decreased



Answer :

Other Questions