The Number of CDs Purchased Increased by 50 Percent When

question 59

Multiple Choice

The number of CDs purchased increased by 50 percent when consumer income increased by 10 percent. Assuming other factors are held constant, CDs would be classified as:

• A) social goods.
• B) normal goods.
• C) Giffen goods.
• D) inferior goods.

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Definitions:

Short-term Goal

An objective or aim that is intended to be achieved in a brief period, typically less than a year.

Meaningful

Having significant, purposeful, or important quality or implication.

Cyclical Theory

Cyclical theory is the idea that certain phenomena or events recur in cycles, often used in the context of economic, social, or historical patterns.

Changing Seasons

The transition periods between the main climatic seasons (spring, summer, autumn, and winter), affecting weather patterns, ecosystems, and human activities.