Which of the following is an example of irregular income? a) A full-time job b) A part-time job c) A graduation gift d) Both b a
2 answers:
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Answer:
The correct answer is option c.
Explanation:
A decrease in the supply will cause the supply curve to shift to the left. This leftward shift in the supply curve will further cause the demand and supply curve to intersect at a higher point.
As a result, there will be an increase in the equilibrium price and a decrease in the equilibrium quantity.
This also represented in the figure given below.
