What Is the Effect on a Normal Product If Income

question 60

Multiple Choice

What is the effect on a normal product if income increases?

• A)It will cause an increase in the quantity demanded.
• B)It will cause an increase in demand.
• C)It will cause a decrease in demand.
• D)It will cause an increase in supply.
• E)It will cause a decrease in supply.

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Definitions:

Assumptions

Beliefs or statements taken to be true without requiring empirical evidence.

Reality

The state of things as they actually exist, as opposed to how they may appear or may be thought to be.

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The process of expressing information or ideas through spoken words.

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