In Economic Terminology, a Normal Good Is a Good

question 251

Multiple Choice

In economic terminology, a normal good is a good

• A) on which a monetary value cannot be placed.
• B) that is liked only by normal people.
• C) for which demand increases when price increases.
• D) for which demand increases when income increases.

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Definitions:

Private Agreements

Contracts or understandings between individuals or entities that are not subject to public disclosure.

Perfection by Attachment

Perfection by Attachment is a legal process in secured transactions under the UCC, ensuring a security interest attaches to the collateral and is enforceable against third parties.

Motor Vehicle

A self-propelled vehicle used for transporting passengers or goods on land.

Perfection

In legal contexts, this term often pertains to the steps required to protect a secured interest against claims from third parties.