Suppose That Consumer Income Decreases and That Hamburger Is an Inferior

question 268

Multiple Choice

Suppose that consumer income decreases and that hamburger is an inferior good. Which of the following will occur in the market for hamburger?

• A)Market clearing price will rise, and equilibrium quantity will rise.
• B)Market clearing price will fall, and equilibrium quantity will fall.
• C)Market clearing price will rise, and equilibrium quantity will fall.
• D)Market clearing price will fall, and equilibrium quantity will rise.

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Definitions:

Flashbulb Memory

A highly detailed and vivid memory of a momentous or emotionally significant event, which feels as if it has been captured in a photograph.

Implicit Memory

A type of memory that enables us to perform tasks without conscious awareness of these previous experiences, such as riding a bike.

Procedural Memory

A type of long-term memory responsible for knowing how to perform different actions and skills.

Nondeclarative Memory

A type of long-term memory for skills, procedures, and conditioned responses that can be performed without conscious awareness.