When Adam's Income Increases, He Purchases More Tickets to Broadway

question 156

Multiple Choice

When Adam's income increases, he purchases more tickets to Broadway musicals than he did before his income increased. For Adam, Broadway musicals are a(n)

• A)normal good.
• B)inferior good that is not a Giffen good.
• C)Giffen good.
• D)optimal good.

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Definitions:

Buyer

A person or organization that purchases goods or services from another business or individual, entering into a commercial transaction.

Judgment Rate

The interest rate set by law that is applied to monetary judgments awarded by courts.

Interest

The cost of borrowing money, typically expressed as an annual percentage rate, or the stake or share in an undertaking or project.

Order Paper

An official document listing the business or orders of the day for parliamentary or legislative bodies.