Good a Is a Normal Good If

question 97

Multiple Choice

Good A is a normal good if

• A)a rise in the price of a complement causes the demand for A to decrease.
• B)income and the demand for A are negatively related.
• C)a rise in the price of a substitute causes the demand for A to increase.
• D)the demand for A increases when income rises.
• E)good A satisfies the law of demand.

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Definitions:

Vesting

The process by which an individual acquires the right to a present or future payment, benefit, or asset, becoming fully guaranteed even if the individual's status changes.

Personal Service

Personal service is a type of service delivered by an individual to meet personal needs or requirements of customers, often characterized by direct interaction.

Contractual Obligations

Legal duties that arise out of agreements between two or more parties where each has responsibilities to perform as specified in the contract.

Assignment

The transfer of rights, property, or obligations from one party to another.