Price Quantity Demanded Quantity Supplied $10 100 0 $12 80 20 $14 60 40 $16 40 60 $18 20 80 $20 0 100 What will happen to the market condition (at the government price of $18) if the income is reduced significantly. (Show the work on the graph)

Price Quantity Demanded Quantity Supplied $10 100 0 $12 80 20 $14 60 40 $16 40 60 $18 20 80 $20 0 100 What will happen to the market condition (at the government price of $18) if the income is reduced significantly. (Show the work on the graph)

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter7: Demand And Supply

Section7.4: Putting Supply And Demand Together

Problem 5R

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Question

Price	Quantity Demanded	Quantity Supplied
$10	100	0
$12	80	20
$14	60	40
$16	40	60
$18	20	80
$20	0	100

What will happen to the market condition (at the government price of $18) if the income is reduced significantly. (Show the work on the graph)

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