Scenario 5-3 The Supply of Aged Cheddar Cheese Is Inelastic,and the Supply

question 20

Multiple Choice

Scenario 5-3
The supply of aged cheddar cheese is inelastic,and the supply of bread is elastic.Both goods are considered to be normal goods by a majority of consumers.Suppose that a large income tax increase decreases the demand for both goods by 10%.
-Refer to Scenario 5-3.The equilibrium quantity will

• A)increase in both the aged cheddar cheese and bread markets.
• B)increase in the aged cheddar cheese market and decrease in the bread market.
• C)decrease in the aged cheddar cheese market and increase in the bread market.
• D)decrease in both the aged cheddar cheese and bread markets.

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