If an Increase in the Incomes of People Who Live

question 92

Multiple Choice

If an increase in the incomes of people who live in the Los Angeles area leads to an increase in the demand for season tickets for games played by the Los Angeles Lakers professional basketball team, then these season tickets are

• A) a normal good.
• B) an inferior good.
• C) an income complement.
• D) an income substitute.

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Definitions:

Crowdsourcing

The approach of acquiring information, content, or ideas through seeking participation from a vast number of people, mainly from those active in online communities.

Evidence-Based Management

Evidence-Based Management involves making organizational decisions based on the best available scientific evidence, rather than on personal preference or tradition.

Multiple Sources

Involves collecting or receiving information from more than one origin to provide a broader perspective or verify accuracy.

Analytics

The systematic computational analysis of data or statistics, used to inform decision-making or enhance performance.