If an individual consumer purchases less of a good when his or her income increases, that good is said to be a normal good.

Name: If an individual consumer purchases less of a good when his or her income increases, that good is said to be a normal good.
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Question

Quizplus · Accepted Answer

If an individual purchases less of a good when his or her income increases, that good is an inferior good. Normal goods are those for which demand increases as income increases.

If an Individual Consumer Purchases Less of a Good When