The Chicago Tribune recently reported that the price of new cars, a normal good, has increased and that the quantity of new cars sold has risen. The new price and quantity could have been caused by a(n):

Question

Quizplus · Accepted Answer

When the price of a normal good increases and the quantity sold also increases, it is likely due to an increase in buyers' incomes. This means that consumers now have more money to spend, and are thus able to purchase more cars at the higher price.

The Chicago Tribune Recently Reported That the Price of New