If a Decrease in Income Leads to an Increase in the Demand

question 10

Multiple Choice

If a decrease in income leads to an increase in the demand for sardines, then sardines are

• A)an inferior good.
• B)a neutral good.
• C)a necessity.
• D)a normal good.

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Definitions:

American Women

Refers to females who are citizens or residents of the United States, acknowledging their diverse contributions and experiences throughout American history.

Severe Depression

A term generally used to describe a period of significant and prolonged downturn in economic activity, marked by high unemployment and financial instability.

Conflict Between Capital

The inherent opposition between capitalist interests, such as profit maximization by business owners, and the labor force seeking better wages and working conditions.

Labor

The body of workforces engaged in physical or intellectual tasks to produce goods or services.