If an Increase in Income Results in a Decrease in the Demand

question 138

Multiple Choice

If an increase in income results in a decrease in the demand for Honda Civics,then Honda Civics are considered

• A) normal goods.
• B) inferior goods.
• C) substitute goods.
• D) complementary goods.

---

Definitions:

Benchmark Analysis

A method of comparing business processes and performance metrics to industry bests or best practices from other industries.

Industry Averages

Statistical benchmarks aggregating performance metrics, such as revenue or profits, across companies within a specific industry.

Competitors

Individuals or entities that compete within the same industry or market, offering similar or alternative products or services to the same customer base.

Income Statement

A financial document that reports a company's revenues, expenses, and profit over a specified time period.