Solved: Suppose consumer income declines in the market for bologna, Macroeconomics

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Suppose consumer income declines in the market for bologna

Suppose consumer income declines in the market for bologna, an inferior good. At the same time, the number of bologna producers decreases. Therefore, the equilibrium price of bologna will _____ and the equilibrium quantity will _____.

a. Increase; Increase

b. Increase; be indeterminate

c. Decrease; be indeterminate

d. Be indeterminate; Increase

e. Increase; Decrease

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Macroeconomics: Suppose consumer income declines in the market for bologna

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Macroeconomics: Suppose consumer income declines in the market for bologna

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