Co-Actors Are

question 27

Multiple Choice

Co-actors are

• A)four people doing push-ups in an exercise class.
• B)two people playing bridge.
• C)eight competitors running a 5-kilometre race.
• D)three people waiting for at a bus stop.

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Definitions:

Normal Good

A type of good for which demand increases when income increases, and falls when income decreases, but price remains constant.

Inferior Good

A type of good for which demand decreases as the income of individuals or the economy increases, opposite to what is observed with a normal good.

Law of Supply

It states that, all else equal, an increase in the price of a good or service will lead to an increase in the quantity supplied.

Law of Demand

An economic principle stating that the quantity demanded of a good decreases as its price increases, all else being equal, and vice versa.