For a ____, if incomes rise and prices do not change, quantity demanded will increase.
A)normal good
B)inferior good
C)Giffen good
D)substitute good

Question

Quizplus · Accepted Answer

A normal good is a product or service that experiences an increase in demand as the real income of an individual or economy increases. This is because people have more money to spend and are willing to buy more of the good at the same price. Hence, if incomes rise and prices do not change, the quantity demanded of a normal good will increase.

For a ____, If Incomes Rise and Prices Do Not