Suppose the number of picture frames purchased increased by 5 percent when consumer income increased by 10 percent. Assuming other factors are held constant, picture frames would be classified as
A) inferior goods.
B) normal goods.
C) elastic goods.
D) inelastic goods.

Question

Quizplus · Accepted Answer

Picture frames are classified as normal goods because the quantity purchased increased with an increase in consumer income.

Suppose the Number of Picture Frames Purchased Increased by 5