When Income Increases, the Demand Curve for X Shifts Rightward

question 152

Multiple Choice

When income increases, the demand curve for X shifts rightward and the demand curve for Y shifts leftward. These shifts mean that

• A)X and Y are both normal goods.
• B)X and Y are complements.
• C)X is a normal good and Y is an inferior good.
• D)X is an inferior good and Y is a normal good.

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Definitions:

Contributory Negligence

A legal defense where the plaintiff's own negligence played a role in the harm they suffered, potentially reducing the defendant's liability.

Limited Liability Partnerships

A form of partnership in which some or all partners have limited liabilities, protecting individual partners' personal assets from business debts and liabilities.

Professionals

Individuals who have specific qualifications and expertise in a particular field or industry, often bound by certain ethical standards.

Partnership Agreement

A contract between partners in a business that outlines the terms of the partnership, including roles, responsibilities, and profit sharing.