what will happen to the equilibrium price and quantity of beef if consumer income decreases (assume...
what will happen to the equilibrium price and quantity of beef if consumer income decreases (assume the beef is a normal good)
Homework Answers
When the income of the consumer decrease the demand for the beef will decrease in the market as the beef is a normal good. the demand curve will shift to the left and the price and quantity will fall.
The new equilibrium will be at a lower price and lower quantity. The demand will decrease.
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what will happen to the equilibrium price and quantity of beef
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