For Most Goods,purchases Tend to Rise with Increases in Buyers

question 94

Multiple Choice

For most goods,purchases tend to rise with increases in buyers' incomes and to fall with decreases in buyers' incomes.Such goods are known as:

• A)inferior.
• B)direct.
• C)normal.
• D)indirect.

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Definitions:

Ordinary Buyers

Refers to typical consumers in the market who purchase goods or services for personal use.

Voidable Title

A legal title to property that may be annulled or invalidated due to certain circumstances, such as fraud or misrepresentation.

Sale of Goods

A transaction between a buyer and a seller in which ownership of physical products is transferred in exchange for money.

Transaction

A swap or transaction involving goods, services, or money among two or more entities.