In: Economics
1) Suppose that income increases and buyers demand less of this good. This is a(n) ----- good.
2) Initially a market is in equilibrium. Then sellers anticipate a lower price in the future for this good, and at the same time the price of a substitute for this good increased, and demand shifts less than supply. As a result the equilibrium price ----- and the equilibrium quantity -----.
3) Let inverse demand be P = 12 - Q, and inverse supply be P = 2 + 3Q. The equilibrium price is __________