Ask Question
BusinessBusiness
15 August, 23:09

If an increase in income results in a leftward shift of the demand curve for product X, then X is a (anGroup of answer choices (a) status good. (b) normal good. (c) inferior good. (d) prestige product. (e) weird product.

+2
Answers (1)
  1. 15 August, 23:37
    0
    c) inferior good.

    Explanation:

    A shift in demand occurs when other factors apart from price cause a change in demand.

    In this instance, demand is shifting as a result of an increase in income.

    If income increases and demand for the good shifts to the right, it means less of the good is being demanded. This implies that the good is inferior and when people have more money they forgoe it for more superior goods.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If an increase in income results in a leftward shift of the demand curve for product X, then X is a (anGroup of answer choices (a) status ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
In 2018, Alva received dividends on her stocks as follows: Amur Corporation (a French corporation whose stock is traded on $60,000 an established U. S. securities market) Blaze, Inc., a Delaware corporation 40,000 Grape, Inc.
Answers (1)
Cooperton Mining just announced it will cut its dividend from $4.22 to $2.63 per share and use the extra funds to expand. Prior to the announcement, Cooperton's dividends were expected to grow at a 3.1% rate, and its share price was $48.83.
Answers (1)
Which of these is an example of a financial asset? Question 29 options: bonds life insurance pension credit union
Answers (1)
The demand for capital by a firm is based on the demand for the product that the capital produces. this relationship is referred to as
Answers (1)
FOR BUS LAW I Certain that Al Gore would emerge victorious from the post-election chaos, Melvin's Decorations ordered 50,000 "President Al Gore" medallions from Medallions, Inc. on December 1, 2000 for $5 per medallion.
Answers (1)
New Questions in Business
Sharp Focus Cameras is facing intense competitive pressure. Top marketing managers are looking for ways to cut costs. They are considering a plan to cut distribution costs by eliminating marketing intermediaries from the channel of distribution.
Answers (1)
Older adults who participated in 20 one-hour video game training sessions with the program lumosity showed reduction in their:
Answers (1)
The total of tools, equipment, machinery, and buildings used to produce goods and services is called supply. True or False
Answers (1)
What percentage of federal revenues is made up of corporate taxes
Answers (1)
F Rudy offers Oscar $200 for his laptop valued at $600 and Oscar agrees, a court will probably
Answers (1)
Home » Business » If an increase in income results in a leftward shift of the demand curve for product X, then X is a (anGroup of answer choices (a) status good. (b) normal good. (c) inferior good. (d) prestige product. (e) weird product.
Sign In
Ask Question
Menu
Subjects