A decrease in consumer income leads to a leftward shift in the demand curve for dairy products, which can be understood as: Market Demand : Equilibrium Changes :: Consumer Income : ?

When consumer income decreases, people have less money to spend, which often leads them to buy less of certain goods, like dairy products. This change causes the demand curve to shift to the left, meaning at every price, fewer people want to buy those products. The equilibrium, where supply and demand meet, will also change because there will be less demand for dairy products at the previous price levels. For example, if milk was selling well at $3 a gallon, a drop in income might mean that fewer people are willing to buy it at that price, leading to a new lower equilibrium price. Thus, just as a decrease in consumer income shifts the demand curve, it also impacts the market’s overall balance of supply and demand.