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Goods for which the quantity that a consumer chooses, increases as the consumer's income increases and decreases as the income decreases are called?
- a)Inferior goods
- b)Normal goods
- c)Complementary goods
- d)Substitute goods
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Goods for which the quantity that a consumer chooses, increases as the...
Demand has the direct relationship with consumer's income. It means that the demand of a normal goods increases as income of an consumer increases and demand gets decreased when the income of a consumer decreased. It shows higher elasticity of demand.
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Goods for which the quantity that a consumer chooses, increases as the...
Normal Goods
Normal goods are goods for which the quantity that a consumer chooses increases as the consumer's income increases and decreases as the income decreases. These goods are also known as superior goods.
Characteristics of Normal Goods
Some of the key characteristics of normal goods are:
- Demand for normal goods is directly proportional to the income of the consumer. As the income of the consumer increases, the demand for normal goods also increases.
- Normal goods have positive income elasticity of demand. This means that the percentage change in the quantity demanded of a normal good is greater than the percentage change in income.
- Normal goods are those goods for which consumers are willing to pay higher prices as their income increases.
- Examples of normal goods include luxury items like expensive cars, jewelry, and electronics.
Conclusion
Normal goods are those goods for which the quantity that a consumer chooses increases as the consumer's income increases. These goods have positive income elasticity of demand and are characterized by the fact that consumers are willing to pay higher prices as their income increases. Examples of normal goods include luxury items like expensive cars, jewelry, and electronics.
Normal goods are goods for which the quantity that a consumer chooses increases as the consumer's income increases and decreases as the income decreases. These goods are also known as superior goods.
Characteristics of Normal Goods
Some of the key characteristics of normal goods are:
- Demand for normal goods is directly proportional to the income of the consumer. As the income of the consumer increases, the demand for normal goods also increases.
- Normal goods have positive income elasticity of demand. This means that the percentage change in the quantity demanded of a normal good is greater than the percentage change in income.
- Normal goods are those goods for which consumers are willing to pay higher prices as their income increases.
- Examples of normal goods include luxury items like expensive cars, jewelry, and electronics.
Conclusion
Normal goods are those goods for which the quantity that a consumer chooses increases as the consumer's income increases. These goods have positive income elasticity of demand and are characterized by the fact that consumers are willing to pay higher prices as their income increases. Examples of normal goods include luxury items like expensive cars, jewelry, and electronics.
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Goods for which the quantity that a consumer chooses, increases as the consumer's income increases and decreases as the income decreases are called?a)Inferior goodsb)Normal goodsc)Complementary goodsd)Substitute goodsCorrect answer is option 'B'. Can you explain this answer?
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