​If Your Income Goes Up by 2% And,in Response,the Quantity

question 30

Multiple Choice

​If your income goes up by 2% and,in response,the quantity demanded of good x rises by 3%, good x can be considered

• A)​An inferior good
• B)A normal good
• C)A public good
• D)​A private good

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Definitions:

Stimulus and Response

The process by which an external stimulus produces a reaction or response in an organism.

First Experimental Laboratory

The facility established by Wilhelm Wundt in 1879 in Leipzig, Germany, marking the formal beginning of psychology as an experimental science.

James Baldwin

An American novelist, playwright, and activist known for his works on racial, sexual, and class distinctions in Western societies.

Canada

A country in North America known for its vast landscapes, multicultural communities, and as a member of the Commonwealth.