Briefly explain the process by which the market moves from the old to the new equilibrium.?

Question

Use supply and demand diagrams to show how a fall in household income effects equilibrium price and quantity for an inferior good. Briefly explain the process by which the market moves from the old to the new equilibrium.

Answer 1

This process is gradual, depending on what will be the cause for change in equilibrium. for instance in case in adverse supply shock supply curve will shift inward causing equilibrium to move along negatively sloped demand curve to new equilibrium with less quantity and higher price.

Answer 2

im sorry dude i dont know