If your income goes up by 2% and, in response, the quantity demanded of good x rises by 3%, good x can be considered a. A publi

Question

zepelin [54]

3 years ago

7

If your income goes up by 2% and, in response, the quantity demanded of good x rises by 3%, good x can be considered a. A publi

c good b. A private good c. An inferior good d. A normal good

Business

1 answer:

Y_Kistochka [10] · Answer 1 · 2022-05-28T10:29:18+03:00

Answer:

The correct answer is letter "D": A normal good .

Explanation:

A normal good is any product or service seeing an increase in demand as a consequence of an increase in income. Normal in this scenario, does not refer to product quality or type. Normal goods oppose to inferior goods which demand decrease when individuals' income increase.

If your income goes up by 2% and, in response, the quantity demanded of good x rises by 3%, good x can be considered a. ​A publi

If your income goes up by 2% and, in response, the quantity demanded of good x rises by 3%, good x can be considered a. A publi