When People's Incomes Increase, the Demand for a Good Increases

question 276

Multiple Choice

When people's incomes increase, the demand for a good increases. The good is called

• A) an inferior good.
• B) a complement.
• C) a substitute.
• D) a normal good.

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Definitions:

Case Law

The body of law created by judicial decisions, as opposed to law established by statutes or regulations.

Law Review

An academic journal focusing on legal issues, typically edited by students at a law school, that publishes articles written by legal professionals, scholars, and students.

Common Law

A legal system based on court decisions and precedents rather than statutory laws.

Rome

The capital city of Italy, known for its ancient history, art, and architecture.