Housing Is a Normal Good That Tends to Take Up

question 65

Multiple Choice

Housing is a normal good that tends to take up a substantial share of a consumer's spending.An increase in the price of housing will result in:

• A)both an income and substitution effect to decrease the quantity demanded of housing.
• B)both an income and substitution effect to increase the quantity demanded of housing.
• C)the income effect of increasing the quantity demanded of housing and the substitution effect of decreasing the quantity demanded of housing.
• D)the income effect of decreasing the quantity demanded of housing and the substitution effect of increasing the quantity demanded of housing.

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Definitions:

Negative Cognitive Style

A pattern of thinking that tends to see the world or one's future in a negative or pessimistic light, often associated with depression or anxiety disorders.

Research Evidence

Information obtained from methodical studies and experiments to support hypotheses and validate findings in various fields of study.

Cause of Depression

The origin or reasons behind depression, which can be multifactorial, including genetic, biological, environmental, and psychological factors.

Symptom

A sign or indication of a condition, disease, or change in a situation, often used in the context of health.