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"As Income Rises,the Demand for Most Goods Also Rises

Question 20

Multiple Choice

"As income rises,the demand for most goods also rises." This statement


A) is inconsistent with the law of demand
B) suggests that many goods are inferior goods
C) shows that the quantity demanded is inversely related to price
D) suggests that most goods are normal goods
E) does not apply to goods traded in competitive markets

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