Which of the following statements correctly describe the effects of a decrease in consumer income on the dairy market in terms of demand and equilibrium? Select all that apply.

When consumer income decreases, people generally have less money to spend, which can lead to a lower demand for many products, including dairy. As consumers have less income, they might buy less milk, cheese, and yogurt because these items are not considered necessities like bread or rice. This decrease in demand means that at the original price, fewer people are willing to buy dairy products, causing a shift in the demand curve to the left. As a result, the equilibrium price of dairy products may fall because sellers may need to lower prices to attract buyers. For example, if a gallon of milk was $4, it might drop to $3 if many consumers decide to buy less milk due to their reduced income.