If the demand for steak increases as income increases, this means that steak is a(n):
A)complementary good.
B)normal good.
C)inferior good.
D)substitute good.

Question

Quizplus · Accepted Answer

When the demand for a good increases as income increases, it is considered a normal good. This means that as a consumer's income increases, they are willing and able to purchase more of the good. In this case, as income increases, the demand for steak increases, indicating that it is a normal good.

If the Demand for Steak Increases as Income Increases, This