If an Increase in Income of 10% Causes an Increase

question 255

Multiple Choice

If an increase in income of 10% causes an increase in quantity demanded of 20% for a good, the good is a(n) _____ good.

• A) normal
• B) luxury
• C) inferior
• D) abnormal

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Definitions:

Reporting

The process of preparing and presenting data and information, usually financial, to stakeholders to inform them of the organization's status or performance.

Expenses Grouping

The practice of categorizing costs and expenses into distinct groups to simplify financial analysis and reporting.

Organisation Functions

The primary activities and responsibilities that are crucial for the successful operation of a business or organization.

Goal Congruence

The alignment of individual objectives with the overall objectives of the organization to ensure that all members are working towards the same targets.