Suppose incomes increase in the economy, and the number of sellers of logo shirts also increase. What will happen to equilibrium price and quantity of logo shirts?
- Equilibrium quantity of logo shirts will decrease but effect on price is ambiguous.
- Equilibrium price of logo shirts will increase but effect on quantity is ambiguous.
- Equilibrium price of logo shirts will decrease but effect on quantity is ambiguous.
- Equilibrium quantity of logo shirts will increase but effect on equilibrium price is ambiguous.