Asked by
Estrella Moran
on Oct 26, 2024
Verified
In the market for canned pinto beans,_____ will increase if income increases and if pinto beans are a(n) _____ good.
A) demand;inferior
B) demand;normal
C) supply;inferior
D) supply;normal
Inferior Good
A type of good for which demand decreases as the income of the individual increases, inversely related to income.
Normal Good
A good for which demand increases as the income of the consumer increases, reflecting a direct relationship between income and demand.
Income Increases
A rise in the amount of money earned by individuals or households, often measured on an annual basis.
- Understand the differentiation between normal goods, inferior goods, substitutes, and complementary products.
- Investigate the effect of outside factors on the market's supply and demand dynamics.
Verified Answer
QB
Learning Objectives
- Understand the differentiation between normal goods, inferior goods, substitutes, and complementary products.
- Investigate the effect of outside factors on the market's supply and demand dynamics.