ECONOMICS
DEMAND
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
If the demand for a good increases when people’s incomes increase,
|
|
the good is an inferior good
|
|
|
the law of demand is violated
|
|
|
the good’s demand curve must be upward sloping
|
|
|
the good is a normal good
|
Explanation:
Detailed explanation-1: -A normal good is a good that experiences an increase in its demand due to a rise in consumers’ income. In other words, if there’s an increase in wages, demand for normal goods increases while conversely, wage declines or layoffs lead to a reduction in demand.
There is 1 question to complete.