Which of the Following Would Cause Both the Equilibrium Price

question 232

Multiple Choice

Which of the following would cause both the equilibrium price and equilibrium quantity of oysters (assume that oysters are a normal good) to decrease?

• A)an increase in consumer income
• B)an oil spill that sharply reduces oyster output
• C)a decrease in consumer income
• D)a technological advancement in the production of oysters

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Definitions:

Direct

Direct refers to an immediate or straightforward method or approach, without involving intermediaries or detours.

Progressive

Supporting or advocating for gradual social, political, or economic reform through governmental action.

Federal Personal Income Tax

The tax levied by the federal government on individuals' income, including wages, investments, and other forms of earnings.

Foreign Aid

Financial, technical, or material support given by one country to another, often for development projects, humanitarian aid, or to foster diplomatic relationships.