Suppose When the Consumer's Income Rises by 100%, the Consumer's $x$

question 71

Multiple Choice

Suppose when the consumer's income rises by 100%, the consumer's consumption of good $x$ only increases 1%. We can infer that good $x$ is a(n) :

• A)normal good.
• B)inferior good.
• C)Giffen good.
• D)marginal good.

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Definitions:

Tender Offer

A public, open offer or invitation by a prospective acquirer to all shareholders of a publicly traded corporation to tender their stock for sale at a specific price during a certain time.

Hostile Takeover

An acquisition attempt by one company of another that is resisted by the target company's management and board of directors.

Fiduciary Duty

A legal obligation of one party to act in the best interest of another when entrusted with the care of money or property.

Voidable Contract

A contract that may be legally voided at the option of one of the parties due to reasons like fraud, duress, or misrepresentation.