Answered: If income rises and consumers buy more…

If income rises and consumers buy more of a particular good, that good is Inferior good Normal good Perfect elastic go Substitute good

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter3: Market Demand And Supply

Section: Chapter Questions

Problem 3SQ

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Concept explainers

Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.

Question

If income rises and consumers buy more of a particular good, that good is

1. Inferior good
2. Normal good
3. Perfect elastic go
4. Substitute good

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