With a Given Upward- Sloping Supply Curve for Sirloin Steak

question 67

Multiple Choice

With a given upward- sloping supply curve for sirloin steak (a normal good) , a rise in household income will cause the

• A)equilibrium price to decrease and equilibrium quantity of sirloin steak to increase.
• B)equilibrium price and equilibrium quantity of sirloin steak to both increase.
• C)equilibrium price and equilibrium quantity of sirloin steak to both decrease.
• D)equilibrium price to increase and equilibrium quantity of sirloin steak to decrease.
• E)equilibrium price to increase and equilibrium quantity of sirloin steak to remain constant.

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