Asked by
Capri Callis
on Oct 12, 2024
Verified
If income changes,one would expect
A) the demand for the product to change.
B) the supply of the product to change.
C) both the demand for and the supply of the product to change.
D) to move from one point to another along the demand curve.
Demand Curve
A curve on a graph that exhibits the quantity of a good that consumers are prepared to buy at different prices.
Income
Regular earnings from employment or investment returns.
Product
An item that is created through a process and is offered for sale to consumers in the market.
- Understand the principles of inferior and normal goods and the effect of variations in income on their demand.
- Identify the role of diverse variables such as income levels, costs of associated items, and alterations in preferences or population changes in adjusting the demand curve.
Verified Answer
MZ
Learning Objectives
- Understand the principles of inferior and normal goods and the effect of variations in income on their demand.
- Identify the role of diverse variables such as income levels, costs of associated items, and alterations in preferences or population changes in adjusting the demand curve.