Which of the Following Causes an Increase in Demand for a Normal

question 270

Multiple Choice

Which of the following causes an increase in demand for a normal good?

• A) Increase in the price of a substitute
• B) Increase in the price of a complement
• C) Decrease in price
• D) Decrease in income

Identify the elements and forces that influence an organization's external environment.

Analyze the importance of innovation for organizational adaptability and survival.

Understand different types of innovation and their contribution to organizations.

Understand the architectural elements and forms used in early Christian and Late Antique art.

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Definitions:

Real Wages

Real wages refer to the purchasing power of wages, considering the effects of inflation or deflation, indicating the amount of goods and services that can be bought with a given amount of nominal wages.

Domestic Income

Refers to the total income earned by individuals and businesses within a country's borders, including wages, salaries, and investment income.

Nominal Wages

The amount of money paid to employees before adjustments for inflation, representing the face value of wages at the time they are paid.

Price Level

A measure of the average prices of goods and services in an economy at a given point in time.