Asked by Khalil Vonner on May 05, 2024
Verified
Pizza is a normal good.If students' incomes at your college increase,the effect on pizza will be:
A) an increase in the demand.
B) an increase in the quantity demanded.
C) a decrease in the demand.
D) no change in the demand.
Normal Good
A good whose demand increases as consumers' income rises, holding all other factors constant.
Students' Incomes
The earnings received by students from part-time jobs, stipends, or scholarships, contributing to their financial support.
Demand
The amount of a product or service that buyers are ready and can afford to buy at different price points within a specified time frame.
- Gain insight into the mechanisms of demand and supply, including their respective driving factors.
- Appreciate the nuances distinguishing normal goods, inferior goods, substitutes, and complements.
Verified Answer
Learning Objectives
- Gain insight into the mechanisms of demand and supply, including their respective driving factors.
- Appreciate the nuances distinguishing normal goods, inferior goods, substitutes, and complements.
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