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Good X Is a Normal Good

question 45

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Good X is a normal good.If the average income of those who buy good X rises,the _____________ curve for good X will shift ____________ resulting in a(n) _____________ in the equilibrium price of X and a(n) ____________ in the equilibrium quantity of X.


Definitions:

Fair Market Value

An estimate of the market value of a property, assuming that both buyer and seller are knowledgeable, willing, and under no pressure to transact.

Interest Revenue

Income earned from lending money or depositing funds into interest-bearing accounts.

Unrealized Gain

A profit that exists on paper resulting from an investment that has not yet been sold for cash.

Trading Investments

Trading Investments refer to securities bought and held primarily for selling them in the short term to profit from price fluctuations.

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