3. Supply and Demand
Supply and Demand Together: Both Shift
Multiple Choice
Multiple ChoiceIf the wages of bus drivers increases at the same time that the income of consumers decrease, what happens in the market for bus rides (assuming that bus rides are an inferior good)?
A
Equilibrium price rises, equilibrium quantity ambiguous
B
Equilibrium price rises, equilibrium quantity rises
C
Equilibrium price falls, equilibrium quantity ambiguous
D
Equilibrium price ambiguous, equilibrium quantity rises
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