If the Good in the Above Figure Is a Normal

question 105

Multiple Choice

If the good in the above figure is a normal good and income rises, then the new equilibrium quantity

• A) is 300 units.
• B) is less than 300 units.
• C) is more than 300 units.
• D) could be less than, equal to, or more than 300 units.

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Definitions:

Right Angles

Angles that measure exactly 90 degrees.

Indifference Curves

Graphical representations used in microeconomics to show combinations of two goods that provide equal satisfaction and utility to a consumer.

Nickels

Coins in the United States and Canada valued at five cents, made of a cupronickel alloy.

Dimes

A coin representing ten cents in the United States currency.