Question

Q:-Assume that consumer’s income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certainty that the equilibrium:

a) Price will decrease.
b) Price will increase.
c) Quantity will increase.
d) Quantity will decrease.​

Answer 1

Answer:

Option (d) Quantity will decrease

Answer 2

Answer:

a) Price will decrease.

b) Price will increase.

c) Quantity will increase.

d) Quantity will decrease✓[