-Pizza Is a Normal Good

question 65

Multiple Choice

-Pizza is a normal good.Which figure above shows the effect of a decrease in consumers' incomes?

• A) Figure A
• B) Figure B
• C) Figure C
• D) Figure D
• E) Both Figure B and Figure C

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Definitions:

Contingent Liability

A potential financial obligation that may arise in the future, depending on the outcome of a specific event.

Liabilities

Financial obligations or debts that an entity owes to others, which must be settled in the future through the transfer of assets or services.

Provisions

Liabilities of uncertain timing or amount, set aside in anticipation of future obligations or costs.

Present Obligation

A duty or responsibility that exists at the reporting date, typically requiring an outflow of resources.