Demand for a good or service increases when the consumer's income rises, regardless of whether the good is a normal good or inferior good.

Name: Demand for a good or service increases when the consumer's income rises, regardless of whether the good is a normal good or inferior good.
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Question

Quizplus · Accepted Answer

The demand for a good or service increases with rising consumer income only if it is a normal good. For inferior goods, demand decreases as income rises.

Demand for a Good or Service Increases When the Consumer's