Assume that consumer’s income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certainty that the equilibrium

Q. Assume that consumer’s income and the number of sellers in the market for good X both falls. Based on this information, we can conclude with certainty that the equilibrium:

1. Price will decrease
2. Price will increase
3. Quantity will increase
4. Quantity will decrease

Answer: Quantity will decrease