The Demand Curve for a Normal Good

question 129

Multiple Choice

The demand curve for a normal good

• A)is constructed based on the assumption that income is rising.
• B)shifts to the right when income increases,ceteris paribus.
• C)slopes upward and to the right.
• D)shifts to the left when income increases,ceteris paribus.

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Definitions:

Trade

The exchange of goods and services between individuals, businesses, or countries, which can be domestic or international in nature.

Corn

A cereal plant that yields large kernels on a cob, used as food for humans and livestock and as a raw material in industry.

Factor Endowments

Refers to the quantity and quality of resources a country or region possesses, such as labor, land, and capital.

World Trade

The exchange of goods, services, and capital between countries and territories across the globe.