Good a Is a Normal Good

question 48

Multiple Choice

Good A is a normal good. The demand curve for good A:

• A) slopes downward.
• B) usually slopes downward, but could slope upward.
• C) slopes upward.
• D) usually slopes upward, but could slope downward.

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Definitions:

Legal Offer

A proposal by one party to another intended to create a legally binding agreement upon acceptance.

Transformation Processes

The operations or activities that convert inputs into outputs, adding value in manufacturing or service provision.

Operations Management

The administration of business practices to create the highest level of efficiency possible within an organization.

Quality

How well a good or service meets or exceeds customers’ expectations, or the degree to which a product conforms to established tolerance standards.