If the demand for goods tends to increase when income increases, then the goods are called: a. Normal goods c. Normal-inferior goods b. Inferior goods d. Inferior-normal goods 2. When there is an expansion of demand and supply, then a. P&Q increases c. P increases b. Q increases d. P decreases & Q increases

If the demand for goods tends to increase when income increases, then the goods are called: a. Normal goods c. Normal-inferior goods b. Inferior goods d. Inferior-normal goods 2. When there is an expansion of demand and supply, then a. P&Q increases c. P increases b. Q increases d. P decreases & Q increases

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 2QFR

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Along an individual demand curve for food, which one of the following is not held constant? a.The consumer's income b.The consumer's level of utility c.The price of all other goods d.The consumer's utility function
Good X A B IC2 ICG Good Y The rotation of the budget line from red to blue depicts an increase in monetary income. The rotation of the budget line from red to blue depicts a decrease in monetary income. O The rotation of the budget line from red to blue depicts an increase in the price of X. O The rotation of the budget line from red to blue depicts an increase in the price of Y. O The rotation of the budget line from red to blue depicts an decrease in the price of X. O The rotation of the budget line from red to blue depicts an decrease in the price of Y. After the budget line rotates from red to blue, the amount of X consumed will increase. After the budget line rotates from red to blue, the amount of Y consumed will increase. O After the budget line rotates from red to blue, the amount of Y consumed will decrease. O After the budget line rotates from red to blue, the amount of X consumed will decrease. O After the budget line rotates from red to blue, the person will move from A to…
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Give an example of a normal good. What will happen to the demand for normal goods if your income goes up?