A Normal Good Is One for Which

question 319

Multiple Choice

A normal good is one for which

• A) demand increases as income increases.
• B) demand increases as income decreases.
• C) the demand curve is horizontal.
• D) demand increases as the price of a substitute increases.

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Definitions:

Social Communication

The process of exchanging information, both verbally and non-verbally, within a social context.

Functional Value

The practicality and usefulness of a product or service as perceived by consumers.

Grammatical Errors

Mistakes made in the use of grammar, affecting the structure of sentences in a language.

Factual Errors

Mistakes or inaccuracies contained within information, data, or statements that are not in alignment with objective truth or reality.