Figure 7-14
-Refer to Figure 7-14.Which panel best represents the perfectly competitive organic produce market in which organic produce is considered a normal good,and the average income level of consumers is increasing?

Question

Figure 7-14 
-Refer to Figure 7-14.Which panel best represents the perfectly competitive organic produce market in which organic produce is considered a normal good,and the average income level of consumers is increasing?

Quizplus · Accepted Answer

Panel C represents the perfectly competitive organic produce market in which organic produce is considered a normal good, and the average income level of consumers is increasing. As income increases, the demand for normal goods increases, leading to an increase in both the equilibrium price and quantity.

Figure 7-14 -Refer to Figure 7-14.Which Panel Best Represents the Perfectly Competitive