If the Wealth of Consumers Increases Substantially,this Would Shift

question 3

Multiple Choice

If the wealth of consumers increases substantially,this would shift

• A)the aggregate supply curve outward
• B)the aggregate demand curve outward
• C)the aggregate demand curve inward
• D)the aggregate supply curve inward
• E)both the aggregate demand and supply curves inward

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Definitions:

Unitary Elastic

A situation where the percentage change in quantity demanded is equal to the percentage change in price, indicating a proportional relationship.

Video Games

Electronic games that involve user interaction with a user interface to generate visual feedback on a two- or three-dimensional video display device such as a TV screen, computer monitor, or handheld device.

Inferior Good

A type of good whose demand decreases as the consumer's income increases, contrasting with normal goods where demand increases with income.

Income

The financial gain received by an individual or a business, typically measured over a specific time period.