Economists use the term normal good to refer to goods that
a. you consume on a daily basis.
b. you consume more of when your income falls.
c. you consume more of when your income rises.
d. consumers choose the same quantities of regardless of income.
c. you consume more of when your income rises.
Economics
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Resale price maintenance
A) requires a retailer to sell a good no lower than the specified price. B) is illegal. C) is the price of a maintenance contract on a good, such as an extended service contract on a car. D) has a net negative impact on competition.
Economics
Given the information above, the demand is
a. unitary. b. indeterminate. c. elastic. d. inelastic.
Economics