What Is a Normal Good

question 169

Multiple Choice

What is a normal good?

• A)It is a good whose income elasticity of demand is < 1.
• B)It is a good whose quantity demanded will rise as income rises.
• C)It is a good which has many substitutes.
• D)It is a good whose income elasticity is > 1.

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Definitions:

Commonality of Goals

The shared objectives or aims among members of a group or team, which often drive collaborative efforts and teamwork.

Needs Assessment (NA)

A systematic process used to determine and address the gaps between current conditions and desired conditions or needs.

Procure Funding

The process of obtaining financial resources or support for projects, research, or programs.

Critical Needs

Essential requirements or necessities that must be met to ensure the survival or well-being of individuals or systems.