Pizza Is a Normal Good If the Demand

question 154

Multiple Choice

Pizza is a normal good if the demand

• A)for pizza rises when income rises.
• B)for pizza rises when the price of pizza falls.
• C)curve for pizza slopes upward.
• D)curve for pizza shifts to the right when the price of burritos rises, assuming pizza and burritos are substitutes.

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Definitions:

Medication

Any substance used to diagnose, cure, treat, or prevent disease or improve a condition or symptom.

Paperwork

Written or printed documents, forms, or records that are used for organizing, recording, or communicating information.

Risk Management

The identification of all exposure to financial loss of a business and includes the selection of techniques to manage those exposures; The Joint Commission defines risk management in health care as “clinical and administrative activities undertaken to identify, evaluate, and reduce the risk of injury to patients, staff, and visitors and the risk of loss to the organization itself.”

Financial Loss

Occurs when the value of an asset decreases or expenses surpass income, leading to a negative financial outcome.