Asked by
Gabriella Johnson
on Oct 12, 2024Verified
A normal good is defined as a good for which demand increases
A) as the income of consumers increases.
B) as its own price decreases.
C) as the price of close substitutes decreases.
D) as the total number of consumers increases.
E) as a reflection of changing consumer tastes.
Normal Good
A good whose demand varies directly with income; nearly all goods are normal goods.
Demand
The measure of goods or services that consumers are inclined and able to procure at assorted prices during an established period.
Income
The financial earnings of an individual or entity, typically acquired through employment, business ventures, or other investments.
- Become familiar with the idea of inferior and normal goods and how the alterations in income levels impact the demand for these goods.
Verified Answer
YT
Learning Objectives
- Become familiar with the idea of inferior and normal goods and how the alterations in income levels impact the demand for these goods.