You note that the technology used to produce an agricultural crop has improved, incomes have fallen, and the agricultural crop is considered an inferior good. What do you expect to happen to equilibrium quantity and price without additional information?
Select one:
a.
Equilibrium price is ambiguous and equilibrium quantity increases.
b.
Equilibrium price is ambiguous and equilibrium quantity will decrease.
c.
Equilibrium price will stay the same and equilibrium quantity will decrease.
d.
Equilibrium price will increase and equilibrium quantity will decrease.