menu-iconExamlexExamLexServices

Discover

Ask a Question
  1. All Topics
  2. Topic
    Business
  3. Study Set
    Economics Today
  4. Exam
    Exam 19: Demand and Supply Elasticity
  5. Question
    If Your Income Rises by 15 Percent And, as a Result
Solved

If Your Income Rises by 15 Percent And, as a Result

Question 320

Question 320

Multiple Choice

If your income rises by 15 percent and, as a result, you buy more steak, then steak is a(n)


A) substitute.
B) normal good.
C) complement.
D) inferior good.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q109: "Unit elasticity of demand can be found

Q167: Changes in technology over time will result

Q316: The demand curve for petroleum should be<br>A)

Q317: A 2 percent rise in the price

Q319: The price elasticity of demand is<br>A) always

Q321: Which of the following is a determinant

Q324: When numerous but imperfect substitutes exist for

Q343: Total revenues reach a maximum when<br>A) demand

Q398: All of the following are true regarding

Q407: If the absolute price elasticity of demand

Examlex

ExamLex

About UsContact UsPerks CenterHomeschoolingTest Prep

Work With Us

Campus RepresentativeInfluencers

Links

FaqPricingChrome Extension

Download The App

Get App StoreGet Google Play

Policies

Privacy PolicyTerms of ServiceHonor CodeCommunity Guidelines

Scan To Download

qr-code

Copyright © (2025) ExamLex LLC.

Privacy PolicyTerms Of ServiceHonor CodeCommunity Guidelines