If the Demand for a Good Increases as Consumers' Incomes

question 172

Multiple Choice

If the demand for a good increases as consumers' incomes rise,the good is termed a(n)

• A) inferior good.
• B) complement good.
• C) normal good.
• D) substitute good.
• E) typical good.

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Definitions:

Many

A term indicating a large number of items, people, or entities in a given context.

Crude Quantity Theory

A basic hypothesis regarding the relationship between the quantity of money in an economy and its level of prices.

Constant

A value that remains unchanged throughout the scope of an equation, analysis, or experiment.

PQ

A notation commonly used in economics to represent the product of price (P) and quantity (Q), indicating the total revenue.