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Equilibrium price and quantity of logo shirts

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Suppose incomes increase in the economy, and the number of sellers of logo shirts also increase. What will happen to equilibrium price and quantity of logo shirts?

  • Equilibrium quantity of logo shirts will decrease but effect on price is ambiguous.
  • Equilibrium price of logo shirts will increase but effect on quantity is ambiguous.
  • Equilibrium price of logo shirts will decrease but effect on quantity is ambiguous.
  • Equilibrium quantity of logo shirts will increase but effect on equilibrium price is ambiguous.

Reference no: EM131423940

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