Ceteris Paribus,if Income Increases and as a Result,the Demand for Good

question 90

Multiple Choice

Ceteris paribus,if income increases and as a result,the demand for good X increases and the demand for good Y falls,

• A)Good X is an inferior good and good Y is a normal good.
• B)Good X is a normal good and good Y is an inferior good.
• C)Goods X and Y are substitute goods.

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Definitions:

Educational System

The network of public and private institutions, policies, and practices designed to provide instruction and learning experiences to individuals in a society.

Class Structure

The organization of society into hierarchical classes based on factors like wealth, occupation, education, and social status, influencing individuals' opportunities and life experiences.

Improving Education

Initiatives or strategies aimed at enhancing the quality, accessibility, and outcomes of educational systems and processes.

Educational Credentials

Qualifications, certificates, degrees, or other formal recognitions of a person's academic achievements, often used to verify education levels for employment or further education.