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4 Oct 2018
10) With a given upward-sloping supply curve for sirloin steak (a normal good), a rise in household income will cause the A) equilibrium price and equilibrium quantity of sirloin steak to both increase. B) equilibrium price to increase and equilibrium quantity of sirloin steak to decrease. C) equilibrium price and equilibrium quantity of sirloin steak to both decrease. D) equilibrium price to decrease and equilibrium quantity of sirloin steak to increase. E) equilibrium price to increase and equilibrium quantity of sirloin steak to remain constant.
10) With a given upward-sloping supply curve for sirloin steak (a normal good), a rise in household income will cause the A) equilibrium price and equilibrium quantity of sirloin steak to both increase. B) equilibrium price to increase and equilibrium quantity of sirloin steak to decrease. C) equilibrium price and equilibrium quantity of sirloin steak to both decrease. D) equilibrium price to decrease and equilibrium quantity of sirloin steak to increase. E) equilibrium price to increase and equilibrium quantity of sirloin steak to remain constant.
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5 Oct 2018
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