Which of the Following Must Be True If Good X

question 395

Multiple Choice

Which of the following must be true if good X is a normal good and income increases?

• A) The demand for X will increase, and thus the price and quantity sold and bought will decrease.
• B) The demand for X will decrease, and thus the price and quantity sold and bought will decrease.
• C) The demand for X will increase, and thus the price and quantity sold and bought will increase.
• D) The demand for X will decrease, and thus the price and quantity sold and bought will increase.
• E) The demand for X will increase, and thus the price and quantity sold and bought will remain the same.

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Definitions:

Express Warranty

A legal term referring to a formal, written guarantee by a seller to a buyer that a product or service meets certain specifications.

Affirmations

Positive statements or declarations, often used in contracts, that something is true.

Relied On

Describes a situation or condition where trust or dependence is placed on someone or something for information, guidance, or support.

Comparative Negligence

A legal doctrine used to allocate damages when both parties are at fault, based on the degree of each party's negligence.