Question

Imagine yourself as a business owner just before an economic event such as a recession or depression. What impact would a sudden lack of income have on the price of the goods you sell?

Answer 1

An economic depression is when the price of the goods in the market is decreasing. Your income will be less as the prices of the goods are low

Answer 2

If there was a depression and one suddenly found themselves without a lack of income, they would Decrease the price of goods they sell.

In a depression, economic conditions turn for the worst and people lose resources.

This leads to:

• People selling goods losing income.
• Sellers decreasing their prices in the hope that people will buy more and give them some of that lost income.

This is why prices are quite low during recessions and depressions.

In conclusion, prices will be reduced.

Find out more about recessions at https://brainly.com/question/1417711.