If Tortilla Chips Are a Normal Good,when There Is an Increase

question 17

Multiple Choice

If tortilla chips are a normal good,when there is an increase in income,equilibrium price _____ and equilibrium quantity _____.

• A)decreases;increases.
• B)decreases;decreases.
• C)increases;increases.
• D)increases;decreases.

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Definitions:

Traffic Builder

A promotional activity or event designed to attract visitors or increase footfall to a certain location, such as a retail store or trade show booth.

Product-line Pricing

A strategy where different products within the same category are priced differently based on features, benefits, or cost of production.

Dynamic Pricing Policy

A pricing strategy where the prices of goods or services are adjusted in real-time based on demand, competition, and other market factors.

Competitive Factors

Elements that influence a company's ability to compete in the market, including product quality, price, marketing strategies, and customer service.