Which of the following statements best describes a normal good?
A) A normal good is a good that is rationed by the government.
B) A normal good is a good that is readily available in the market.
C) A normal good is a good whose supply increases with a decrease in its price.
D) A normal good is a good whose demand increases with an increase in consumers' income.

Question

Quizplus · Accepted Answer

A normal good is a type of good whose demand increases with an increase in consumers' income. This means that as consumers' income rises, they are willing and able to buy more of the good. Example of normal goods include clothing, food, and entertainment. The other options do not accurately describe a normal good.

Which of the Following Statements Best Describes a Normal Good