If a Decrease in Income Increases the Demand for a Good

question 86

Multiple Choice

If a decrease in income increases the demand for a good, what is the good called?

• A) a substitute good
• B) a complementary good
• C) a normal good
• D) an inferior good

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Definitions:

President Rutherford B. Hayes

The 19th President of the United States, serving from 1877 to 1881, known for ending the Reconstruction era through the Compromise of 1877.

National Harmony

The state or condition where a nation's citizens or regions achieve social cohesion and cooperation, often pursued through policies aimed at reducing divisions or conflicts.

Sectional Rivalry

Competition and conflict between different regions or sections of a country, particularly evident in the United States pre-Civil War between the North and South over economic, cultural, and political differences.

Presidential Candidate

An individual who runs for the office of President in a country, participating in electoral campaigns to gain support from the electorate.