3. The Market Forces of Supply and Demand
Using the Supply and Demand Curves to Find Equilibrium
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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