If an increase in income results in a decrease in the quantity demanded of a good, then the good isa luxury.an inferior good.a normal good.a necessity. Question 2If an increase in income results in a decrease in the quantity demanded of a good, then the good isa luxury.an inferior good.a normal good.a necessity.« Previous

Consumer income is a factor which affects the demand for a good since it dictates how much of a good…

Answered: If an increase in income results in a…

If an increase in income results in a decrease in the quantity demanded of a good, then the good is a luxury. an inferior good. a normal good. a necessity.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...

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