Shoes Are a Normal Good and People's Incomes Rise

question 4

Multiple Choice

Shoes are a normal good and people's incomes rise.Simultaneously the number of companies making shoes decreases.As a result,the equilibrium price of a pair of shoes ________ and the equilibrium quantity ________.

• A) definitely rises; might increase, decrease, or not change
• B) definitely rises; definitely increases
• C) might rise, fall, or not change; might increase, decrease, or not change
• D) None of the above answers is correct.

---

Definitions:

Cones

Photoreceptor cells in the retina of the eye responsible for color vision and visual clarity in well-lit conditions.

Ocular Dominance Columns

Ocular dominance columns are stripes of neurons in the visual cortex of the brain that respond preferentially to input from one eye or the other, playing a role in the development of depth perception.

Cones

Cone cells are a type of photoreceptor in the retina that are responsible for color vision and are most effective in relatively bright light.

Visible Wavelengths

The portion of the electromagnetic spectrum that is visible to the human eye, ranging approximately from 380 to 740 nanometers.