Consider the market for public transportation in San Francis…

Consider the market for public transportation in San Francisco City. Suppose consumers’ income decreases and that, as a result, the equilibrium price decreases and the equilibrium quantity remains unchanged. Which of the following is a possible explanation for why this happened?

A new kind of collectible plush toy, the “Bulala” is invente…

A new kind of collectible plush toy, the “Bulala” is invented in Econland. Suppose that the impact of the invention on the Labubu market is that the price PLabubu decreases while the quantity QLabubu remains unchanged. A possible explanation for why this happened is that Labubu and Bulala are __________ and the supply curve for Labubu is __________.

Consider the market for milk. Producers were able to convinc…

Consider the market for milk. Producers were able to convince the government to impose a binding price floor as they stated it was a staple food for low-income American families and current prices were too low. The weather has allowed for a higher production of hay, leading to an increase in the supply of milk.  How are the equilibrium price and quantity of milk affected by this increase in demand with a price floor?