Assume that consumers' incomes and the number of sellers in the market for good A (a normal good) both decrease. Based upon this information we can conclude, with certainty, that equilibrium:
price will increase.
quantity will increase.
price will decrease.
quantity will decrease.
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Home » Business » Assume that consumers' incomes and the number of sellers in the market for good A (a normal good) both decrease. Based upon this information we can conclude, with certainty, that equilibrium: price will increase. quantity will increase.