Most goods can be classified as normal goods rather than inferior goods. The definition of a normal good means that:

Question

03-07-2021
Business

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Most goods can be classified as normal goods rather than inferior goods. The definition of a normal good means that:

Sagot :

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ewomazinoade ewomazinoade · Answer 1 · 2021-07-05T20:44:47-04:00

Answer:

A normal good is a good whose demand increases when income increases

Explanation:

Normal goods are goods that are goods whose demand increases when income increases and falls when income falls

Inferior goods are goods whose demand falls when income rises and increases when income falls.

For example, if when your income was $100,000 per annum, you had one car but when it increased to $500,000, you bought two more cars. Car is a normal good

Most goods can be classified as normal goods rather than inferior goods. The definition of a normal good means that:

Sagot :

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