Economics 9708 · AS & A Level · Income elasticity of demand

Income elasticity of demand — practice question

The diagrams show the markets for four different products. In which market would a 10% fall in demand and, at the same time, a 10% rise in supply definitely cause both a lower equilibrium price and a higher equilibrium quantity?

  • A[IMAGE:9708_s22_qp_13_p3_diagram_5]
  • Bmarket B (diagram shown)
  • Cmarket C (diagram shown)
  • D[IMAGE:9708_s22_qp_13_p3_diagram_2]

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