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In the following cases, explain what happens to demand or quantity demanded and how the change would be shown on a graph of the demand schedule.
I. Assuming that tickets to an NFL game are normal goods, what is the effect of an increase in the incomes of NFL fans?
II. Assuming that Direct TV and Dish satellite are substitutes, what happens if the price of a Direct TV subscription increases?
III. Assuming that data plans and cell phones are complements, what happens if the price of data plans decreases?
Income
Money received on a regular basis from work, investments, business operations, or other sources, which is used to fund living expenses, savings, and investments.
Sales Taxation
A tax imposed on the sale of goods and services, which is typically collected by the seller and passed on to the government.
Model Business Corporation Act
A comprehensive statute that serves as a guideline for states in the United States to standardize and regulate the formation, operation, and dissolution of corporations.
Maximum Potential
The highest achievable or possible level of performance or success.
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