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Suppose that two concurrent changes occur in each of the following four different markets. What will happen to price and quantity traded in each case?
Changes affecting demand
1. The price of a substitute product decreases.
2. Incomes increases.
Changes affecting supply
A. The price of inputs decrease.
B. The number of suppliers decreases.
a) Changes 1 and A for a normal product.
b) Changes 2 and B for an inferior product.
c) Changes 2 and A for a normal product.
d) Changes 1 and B for a normal product.
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