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Course: AP??/College Macroeconomics?>?Unit 1
Lesson 6: Market equilibrium, disequilibrium, and changes in equilibrium- Market equilibrium
- Changes in market equilibrium
- Changes in equilibrium price and quantity when supply and demand change
- Lesson summary: Market equilibrium, disequilibrium, and changes in equilibrium
- Market equilibrium and disequilibrium
- Changes in equilibrium
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Changes in equilibrium
Problem
Assume that milk is an inferior good.
Assuming all other factors remain constant, if the income of milk buyers increases, what will happen to the equilibrium price and quantity of milk?