The equilibrium price and the equilibrium quantity

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Given the following scenarios, explain what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is a normal good.

a. The population increases and productivity increases.

b. The income increases and the price of inputs decrease.

c. The number of firms in the market decreases and income increases.

d. Consumer preference increases and the price of a complement decreases.

e. The price of a substitute in consumption decreases and the price of a substitute in production decreases.

Reference no: EM131173121

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