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

question 26

Multiple Choice

​If your income goes up by 2% and,in response,the quantity demanded of good x falls by 3%,the 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:

Consumption

Refers to the total amount of goods and services that households and individuals buy and use within an economy.

Complements

Products or services that are used together, enhancing the value or demand of each other when consumed in combination.

Mortgages

Loans specifically designed for purchasing real estate, where the property itself serves as collateral until the loan is paid off.

Interest Rates

Interest rates represent the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan amount.