2010
Economics
POST UTME
For a bicycle company, an economist predicted that, other things being equal, a rise in consumer incomes will increase the demand for bicycles. This prediction is based on the assumption that:
A.
there are many goods that are substitutes for bicycles
B.
there are many goods that are many goods that are substitutes for bicycles
C.
there are many goods that are substitutes for bicycles
D.
bicycles are normal goods
Correct Answer: bicycles are normal goods
Explanation
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