When Peopleʹs Incomes Increase, the Demand for a Good Increases

question 455

Multiple Choice

When peopleʹs incomes increase, the demand for a good increases. The good is called

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

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Definitions:

Administrative Laws

A branch of public law that regulates the activities of administrative agencies of government, including rulemaking, adjudication, or the enforcement of specific regulatory agendas.

Criminal Laws

Laws that prohibit certain behaviors and actions considered harmful to society, and outline punishments for breaches of these laws.

Criminal Code

A legal document that codifies offences and the corresponding penalties within a jurisdiction.

Administrative Agencies

Government bodies responsible for the oversight and administration of specific regulations and policies within a federal or state government's executive branch.