Suppose That Average Incomes Decreased from $38,000 to $36,000,and the Quantity

question 1

Multiple Choice

Suppose that average incomes decreased from $38,000 to $36,000,and the quantity demanded of a product increased from 45 to 55.What type of product must this be?

• A)Substitute product.
• B)Inferior product.
• C)Luxury product.
• D)Necessity.
• E)Superior product.

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Definitions:

Outcome Variable

Another term for the dependent variable, which is the variable expected to change as a result of manipulations to the independent variable(s).

Correlated

A statistical term describing the extent to which two variables change together, indicating a relationship between them.

Unrelated

Not connected or associated in any specific way, especially referring to variables that do not show a statistical relationship.

Slope

The rate at which a variable changes along the axis of another variable, often representing the steepness of a line in a graphical representation.