-Refer to Exhibit 4-2. This income expansion path depicts a(n)
A) superior good
B) normal good
C) inferior good

Name: -Refer to Exhibit 4-2. This income expansion path depicts a(n) A) superior good B) normal good C) inferior good
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Question

-Refer to Exhibit 4-2. This income expansion path depicts a(n)
A) superior good 
B) normal good 
C) inferior good

Quizplus · Accepted Answer

An income expansion path shows the relationship between income and the quantity of a good demanded. A normal good is a good that is demanded more as income increases. In Exhibit 4-2, the income expansion path slopes upward, indicating that the good is a normal good.