An Increase in Consumer Income Will Have What Effect on the Equilibrium

question 74

Multiple Choice

An increase in consumer income will have what effect on the equilibrium price and quantity of hot dogs?

• A)Price will increase,quantity will decrease
• B)Price will increase,quantity will increase
• C)Price will decrease,quantity will decrease
• D)Price will decrease,quantity will increase
• E)The new equilibrium price and quantity can not be determined

---

Definitions:

Interpretative Rules

Regulations or guidelines issued by government agencies for clarifying how the agency construes the legislation it administers.

Binding

An agreement or obligation that cannot be legally avoided or ignored.

APA

Stands for the Administrative Procedure Act, a U.S. federal statute that governs the way administrative agencies of the federal government may propose and establish regulations.

Procedural Requirements

Specific protocols and rules that must be followed in legal and regulatory processes to ensure fairness and compliance.