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:

Condominium

A type of real estate ownership where an individual owns a unit within a larger complex, with shared ownership of common areas.

Payments

The act of transferring money or money's worth from one party to another as compensation for goods, services, or to fulfill a legal obligation.

Defective

Referring to a product or item that is faulty, broken, or does not meet the standards or specifications promised.

Breach of Contract

Happens when a party does not meet their contractual responsibilities.