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Economics

How does the equilibrium price of a normal commodity change when income of its buyers falls? Explain the chain effects.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 11RQ: As a general rule, is it safe to assume that a change in the price of a good will always have its...

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How does the
equilibrium price of
a normal commodity
change when income
of its buyers falls?
Explain the chain
effects.

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