If the demand for steak increases as income increases, then steak is a(n):
A)complementary good.
B)normal good.
C)inferior good.
D)substitute good.

Name: If the demand for steak increases as income increases, then steak is a(n): A)complementary good. B)normal good. C)inferior good. D)substitute good.
Brand: Quizplus
Rating: 4.9 (37 reviews)

Question

Quizplus · Accepted Answer

A normal good is a good for which an increase in income leads to an increase in demand and a decrease in income leads to a decrease in demand.

If the Demand for Steak Increases as Income Increases, Then