Supply and demand curves for particular service

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Reference no: EM131108018

Given typically sloped supply & demand curves for a particular service, suppose now that the public's income rises. The most likely (definite) impact upon the new market equilibrium is that

a) the new price is indeterminate.

b) the supply curve will decrease.

c) the demand curve will increase.

d) the new price will decline.

e) the supply curve will increase.

Reference no: EM131108018

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