In Case of a Normal Good,an Increase in Consumers' Incomes

question 60

Multiple Choice

In case of a normal good,an increase in consumers' incomes would shift the:

• A)demand curve inward.
• B)supply curve inward.
• C)supply curve outward.
• D)supply and demand curves inward.
• E)demand curve outward.

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Definitions:

Outcome

An outcome is the result or consequence of an action, experiment, or event, often used in the context of probabilities and statistical experiments.

Classical Approach

A methodological approach in statistics that relies on theoretical probability distributions and assumptions for hypothesis testing and estimation.

Assigning Probabilities

The process of determining the likelihood of various outcomes in an experiment or situation.

Equally Likely

A situation where all outcomes of an experiment or event have the same probability of occurring.