Asked by
Tomasina Sciaretta
on Oct 12, 2024
Verified
The demand for a normal good is
A) indirectly (negatively) related to the supply of the good.
B) directly (positively) related to income.
C) unaffected by changes in consumer tastes and preferences.
D) unaffected by changes in the prices of complementary goods.
Normal Good
A good for which demand increases as consumer income rises, holding all other factors constant.
Consumer Tastes
Preferences and inclinations of consumers that influence their purchasing behavior and choice of products.
- Distinguish between normal and inferior goods in response to income changes.
Verified Answer
ZB
Learning Objectives
- Distinguish between normal and inferior goods in response to income changes.