How would a decrease in consumer income affect the market for new automobiles?
a. Demand would decrease, leading to an increase in price and a reduction in quantity sold.
b. Demand would decrease, leading to a reduction in price and a reduction in quantity sold.
c. Demand would increase, leading to an increase in price and an increase in quantity sold.
d. Demand would increase, leading to a reduction in price and an increase in quantity sold.
Question 2
If we observe a decrease in the price of a good and an increase in the amount of the good bought and sold, this could be explained by a(n):
a. increase in the supply of the good. b. increase in the demand for the good.
c. decrease in the demand for the good. d. decrease in the supply of the good.
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