If the supply of a good is perfectly inelastic and the income elasticity of demand for that good is positive, what will be the effect of an increase in consumer income on the market equilibrium price of the good?

When the supply of a good is perfectly inelastic, it means that the quantity supplied does not change regardless of the price. If the income elasticity of demand for that good is positive, it suggests that as consumer incomes rise, the demand for the good also increases. This increase in demand, while the supply remains unchanged, will lead to a higher market equilibrium price because more consumers are willing to pay more for the same limited quantity available. For example, if a luxury product like a rare painting has a fixed supply and more wealthy buyers enter the market, the price of that painting will likely rise as people compete to purchase it. Thus, an increase in consumer income will result in a higher price for the good due to increased demand against a fixed supply.