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When income increases: How are the following measures affected? *assume the following effects are in time order Increase (right) Decrease (left) No effect Unknown Firm Revenue Firm profits (assume proportionate costs) Output Supply shifts Output market price (after supply shift only) Factor demand shifts

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When income increases: How are the following measures affected? *assume the following effects are in time order Increase (right) Decrease (left) No effect Unknown
Firm Revenue Firm profits (assume proportionate costs) Output Supply shifts Output market price (after supply shift only) Factor demand shifts