Assume that consumer’s income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certainty that the equilibrium

Q. Assume that consumer’s income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certainty that the equilibrium:

  1. Price will decrease
  2. Price will increase
  3. Quantity will increase
  4. Quantity will decrease

Answer: Quantity will decrease

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