In the Late 15^th Century, Venice Faced a Genuine Rival

question 5

Multiple Choice

In the late 15^th century, Venice faced a genuine rival in the Mediterranean in the

• A) Ottomans
• B) Safavids
• C) Genoese
• D) Mamluks

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Definitions:

Income Effect

The impact of income changes on an individual or economic level on the demand for various products or services.

Substitution Effect

The adjustment in how consumers spend due to differences in the prices between goods, leading to the substitution of one product for another.

Inferior Good

A type of good whose demand decreases when consumer income rises, unlike normal goods, which have a positive correlation with income.

Normal Good

A type of good for which demand increases as the income of the consumer increases, showing a positive relationship between income and demand.