Most goods can be classified as normal goods rather than inferior goods. The definition of a normal good means that:
A) The income elasticity of demand is negative
B) As consumer incomes increase, consumers' purchase of a normal good increases.
C) The percentage change in price is greater than the percentage change in consumer income for a normal good
D) The percentage change in quantity demanded of the normal good is greater than the percentage change in price.

Question

17-06-2024
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:
A) The income elasticity of demand is negative
B) As consumer incomes increase, consumers' purchase of a normal good increases.
C) The percentage change in price is greater than the percentage change in consumer income for a normal good
D) The percentage change in quantity demanded of the normal good is greater than the percentage change in price.

Sagot :

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