Suppose Rice Is a Normal Good

question 174

Multiple Choice

Suppose rice is a normal good. If consumers' incomes fall, and a new technology is introduced that lowers the marginal cost of producing rice, then the equilibrium:

• A)price of rice will increase, but we cannot say for sure what will happen to the equilibrium quantity.
• B)price of rice will fall, but we cannot say for sure what will happen to the equilibrium quantity.
• C)quantity of rice will increase, but we cannot say for sure what will happen to the equilibrium price.
• D)quantity of rice will decrease, but we cannot say for sure what will happen to the equilibrium price.

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