The quantity of video games increases if overall consumer income increases.
What is consumer income?
- Consumer income is the money that a consumer makes from employment or investment, such as dividends paid to shareholders by corporations and gains realized on the sale of an item, such as a house.
- When various income streams are added together, the result is known as aggregate income.
- When real consumer income rises, customers will purchase a higher quantity of regular economic items.
- In consumer choice theory, the income effect and substitution effect are related economic concepts.
- If a consumer's income rises and the company sells standard goods, the company's revenue will rise.
As it is given in the description itself, when real consumer income rises, customers will purchase a higher quantity of regular economic items.
Therefore, the quantity of video games increases if overall consumer income increases.
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