The equilibrium price and quantity of hamburgers

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Due to market pressures there has been an decrease in the number of franchises that sell hamburgers. This trend has coincided with a decrease in consumers' income. Supposing hamburgers are an inferior good, use a supply-and-demand diagram for the market for hamburgers to illustrate the combined effect of the two aforementioned events on the equilibrium price and quantity of hamburgers.

Reference no: EM131097430

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