With a Downward Sloping Demand Curve and an Upward Sloping

question 217

Multiple Choice

With a downward sloping demand curve and an upward sloping supply curve for a product, an increase in incomes will:

• A)increase equilibrium price and quantity if the product is a normal good.
• B)decrease equilibrium price and quantity if the product is a normal good.
• C)have no effect on equilibrium price and quantity.
• D)reduce the quantity demanded, but not shift the demand curve.

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Paint containing significant levels of lead, used in the past for its durability, but now banned or restricted in many countries due to its toxicity and health risks.

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