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Number of bologna producers decreases

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Suppose consumer income declines in the market for bologna, an inferior good. At the same time, the number of bologna producers decreases. Therefore, the equilibrium price of bologna will _____ and the equilibrium quantity will _____.

a. Increase; Increase

b. Increase; be indeterminate

c. Decrease; be indeterminate

d. Be indeterminate; Increase

e. Increase; Decrease

Reference no: EM131111236

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