1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
inessss [21]
2 years ago
6

The change in consumption of a good that results from the implicit change in income, which has been caused by a price change, is

called __________.
Business
1 answer:
lapo4ka [179]2 years ago
4 0

Answer:

It's called a Normal Good

Explanation:

Normal Goods are a type of goods whose demand shows direct relations with a consumer's income. The consumption of a normal good increases with the increase of a consumer's income, if the income decreases the consumption decreases.

Normal goods have a positive income elasticity of demand.  Income elasticity of demand measures the magnitude with which the quantity demanded for a good changes in reaction to a change in income. A normal good has an income elasticity positive, but minor to one.

In this case, if the price of a good increases, the income of the consumer decreases, therefore it consumes fewer quantities of the product. An example of a normal good is Organic food.

An inferior good has an income elasticity of demand negative, meaning that if the income increases, the consumption decreases. An example of an inferior good is margarine if the income increases, consumers will start buying a superior product like butter.

A Luxury good presents an income elasticity of demand superior to one. The consumption of a luxury product increases more than proportional to the increase in income. An example of a luxury good is luxury cars.

You might be interested in
Which of the following priority rule will minimize the average flow time of jobs and also perform well in other measures such as
olga nikolaevna [1]

Answer:

LCFS

Explanation:

8 0
3 years ago
Luxury Swiss chalet hotel general manager reported to her owner that the hotels occupancy index for calendar year 2019 was 1.25.
Alex

Answer:

the Swiss Chalet had higher occupancy than its competitive set in 2019

7 0
2 years ago
When shopping for their brother, jack and james are presented with a red shirt by the sales person. while jack likes the shirt,
Gnesinka [82]

“Preference” is the answer.

 

<span>Jack and James disagreed about the shirt because of the differences in their preference. People have their own inclination towards objects and this could be a result of their personal taste or past experiences. In this case, it could be that Jack liked the shirt’s fabric or color but James didn’t, that’s why they disagreed.</span>

6 0
3 years ago
Read 2 more answers
If a product makes it through a rigorous development process, will it be a sure success?
Otrada [13]
When it comes to this context, nothing is sure to be a success, so no
7 0
3 years ago
Read 2 more answers
Jamie works as a salesperson at a car dealership. He takes his sales very seriously. After selling a car to a customer, he waits
Aliun [14]

Answer:

The correct answer is E

Explanation:

Cognitive dissonance is the situation or circumstance which occur or happen when a person or an individual holds two or more ideas, values or beliefs which are contradictory or participates in action which might go against one of the three elements.

So, in this case, the sales person, who made a sales through selling a car to customer, tries to reinforce the fact by asking after 2 weeks, that they made a smart investment. Therefore, he is trying to reduce or decrease the cognitive dissonance.

4 0
3 years ago
Other questions:
  • John and Shirley have one child eligible for the Child Tax Credit, file their tax return as married filing jointly and, at a $41
    13·1 answer
  • The collection of shosoin imperial repository indicates the extensive international exchange between _______ that took place dur
    15·1 answer
  • Research shows that just ________ minutes of exercise can help calm you for as long as 24 hours.
    11·1 answer
  • Your supplier offers a discount for purchase of 100 steaks at a time. You normally sell about 5 steaks a night and you don’t lik
    5·1 answer
  • A firm has an outstanding issue of 1,000 shares of preferred stock with a $100 par value and an 8 percent annual dividend. The f
    12·1 answer
  • Terry’s Frame &amp; Art Shoppe produces and sells picture frames to clients at $8.00 per picture frame. The variable cost to pro
    11·1 answer
  • Walberg Associates, antique dealers, purchased the contents of an estate for $75,000. Terms of the purchase were FOB shipping po
    10·1 answer
  • At Westco Company, a mission statement is presented to all new employees promoting the philosophy that all departments depend on
    8·1 answer
  • For students not wanting a traditional major in marketing or accounting, for example, YSU decided to create a general business m
    8·1 answer
  • Tucker Electronic System's current balance sheet shows total common equity of $3,125,000. The company has 100,000 shares of stoc
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!