Using a Supply and Demand Graph,show What Happens to the Equilibrium

question 88

Essay

Using a supply and demand graph,show what happens to the equilibrium price and quantity for the following goods if,holding all else constant,income increases.
a.a normal good
b.an inferior good

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Definitions:

Mass Movements

Large groups of people engaging collectively in political, social, or cultural campaigns to bring about or resist change in society.

Offers of Reforms

Proposals or pledges to make changes or improvements, typically in political, social, or economic systems.

Compounded Semiannually

Interest on an investment that is calculated twice a year and added to the principal sum.

Initial Deposit

The first sum of money placed into an account or investment, serving as the starting balance.