Suppose When the Consumer's Income Rises by 100%,the Consumer's Consumption

question 57

Multiple Choice

Suppose when the consumer's income rises by 100%,the consumer's consumption of good only increases 1%.We can infer that good is a(n)

• A) normal good.
• B) inferior good.
• C) Giffen good.
• D) marginal good.

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Definitions:

Delay of Gratification

The ability or decision to postpone immediate satisfaction in order to achieve a future benefit or reward.

Immediate Comforts

Immediate or short-term pleasures or alleviations of discomfort that may not necessarily contribute to long-term well-being.

Human Nature

The innate characteristics, behaviors, and qualities that define humans, including both biological and psychological aspects.

Altruistic

Showing selfless concern for the well-being of others; often characterized by behavior that benefits others at a personal cost.