Business, 22.02.2020 04:13 KaseyT

The market for blue jeans is in equilibrium. Blue jeans are a normal good for consumers. If a recession reduces consumers' incomes at the same time that the price of denim (an input in the making of blue jeans) increases, we can say with certainty that as a result:a. the equilibrium price of blue jeans will decreaseb. the equilibrium price of blue jeans will increasec. the equilibrium quantity of blue jeans will increased. the equilibrium quantity of blue jeans will decrease

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The market for blue jeans is in equilibrium. Blue jeans are a normal good for consumers. If a recess...