Use the Following to Answer Questions

question 76

Multiple Choice

Use the following to answer questions :
Figure 3-1
-Given the supply and demand curves drawn for a normal good in Figure 3-1, an increase in income can be expected to cause:

• A)equilibrium price and quantity to increase.
• B)equilibrium price to increase and equilibrium quantity to fall.
• C)equilibrium price to increase while equilibrium quantity holds steady.
• D)equilibrium price and quantity to fall.
• E)equilibrium price to fall and equilibrium quantity to climb.

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Definitions:

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