An increase in the demand for a good quality steak, a normal good, can be caused by a/an:

Question

Quizplus · Accepted Answer

An increase in consumer income means that consumers have more money to spend on goods and services, including steak. As steak is a normal good, consumers are likely to increase their demand for it when their income increases. A decrease in consumer income (A) would have the opposite effect on steak demand. The price of steak (B) and the price of tomato sauce (C) would affect the demand for steak indirectly, through their impact on consumer budgets and preferences. An increase in steak price would likely decrease demand, while an increase in tomato sauce price would have little to no effect on steak demand.

An Increase in the Demand for a Good Quality Steak