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Question

most goods, purchases tend to rise with increases in buyers' incomes and to fall with decreases in buyers' incomes. Such goods are known as:

inferior goods.

direct goods.

normal goods.

indirect goods.

Answer 1

This one again is related to income elasticity. For a normal good, an increase in income will lead to an increase in the quantity demanded. Likewise, a decrease in income will lead to a decrease in the quantity demanded.

Answer 2

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Answer 3

normal goods.