If a Good Is Normal,then an Increase in Income Will

question 46

Multiple Choice

If a good is normal,then an increase in income will result in a(n)

• A)increase in the demand for the good.
• B)decrease in the demand for the good.
• C)movement down and to the right along the demand curve for the good.
• D)movement up and to the left along the demand curve for the good.

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Definitions:

Cost of Goods Sold

The total direct costs attributable to the production of goods sold in a company.

Accounts Payable

The amount a company owes to suppliers or vendors for goods or services received that haven't yet been paid for.

Receiving Report

A document used to confirm the receipt of goods delivered, typically matched against the purchase order to ensure accuracy.

Purchase Order

The document authorizing the purchase of inventory from an approved vendor.