Question 3 (1 point) (01.06 MC) If it is assumed that the market for good Z is in equilibrium and Z is an inferior good,

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Question 3 1 Point 01 06 Mc If It Is Assumed That The Market For Good Z Is In Equilibrium And Z Is An Inferior Good 1 (75.41 KiB) Viewed 41 times

Question 3 (1 point) (01.06 MC) If it is assumed that the market for good Z is in equilibrium and Z is an inferior good, what will be the result following an increase in the aver income of consumers? O a A decrease in the equilibrium price of good Z and a decrease in the equilibrium quantity of good Z. Ob An increase in the equilibrium price of good Z and an increase in the equilibrium quantity of good Z. O C An increase in the equilibrium price of good Z and a decrease in the equilibrium quantity of good Z. Od Since the demand for an inferior good must be perfectly inelastic, there will be no change in quantity: price may increase or decrease. O e An increase in equilibrium quantity with an indeterminate impact on the equilibrium price.