A Decrease in Consumer Incomes Will

question 168

Multiple Choice

A decrease in consumer incomes will:

• A)​decrease the demand for an inferior good.
• B)​decrease the supply of an inferior good.
• C)​increase the demand for a normal good.
• D)​do none of the above

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Definitions:

Revocation

The act of officially cancelling or withdrawing something, such as a law, license, privilege, or promise.

License

A permit or authorization granted by a competent authority or the owner to use a particular property, asset, or intellectual property under certain conditions.

Produce

The act of creating, manufacturing, or growing goods, often in relation to agriculture or manufacturing sectors.

Land

A natural resource encompassing the earth's surface, both the soil and the underlying geology, as well as the attached rights and interests.