The following events occur in the market for good B, which is a normal good

| September 29, 2018

Question 1:The following events occur in the market for good B, which is a normal good:a) Good B becomes more fashionable and popular.b) The price of good C, a substitute for good B, goes down.c) Consumers anticipate declining prices.d) There is a surge in the population that uses good B.e) Income falls for a large subset of consumers who buy good B.Identify the impact of the event to the equilibrium price and quantity of each event.PLEASE DRAW a supporting diagram

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