3. The term normal goods refers to what kind of goods?

goods that consumers demand less of when their incomes increase

O two goods that are bought and used together

ES

goods used in place of one another

goods that consumers demand more of when their incomes increase

Question

Social Studies

Vaughn Ballard

17 December, 00:10

3. The term normal goods refers to what kind of goods?

goods that consumers demand less of when their incomes increase

O two goods that are bought and used together

ES

goods used in place of one another

goods that consumers demand more of when their incomes increase

+2

Answers (1)

Know the Answer?

Harrison Melendez · Answer 1

The term normal goods refers to goods that consumers demand more of when their incomes increase

Answer: goods that consumers demand more of when their incomes increase

Normal goods are defined as those goods whose demand tends to increase or decrease with regard to the income of the consumer i. e., when the income of the consumer increases, the demand for the goods also increases and vice versa. Sometimes there is an increase in the demand for the goods when there is an increase in the population of an area too and vice versa. There is an elastic relationship between demand for normal goods and income.

3. The term normal goods refers to what kind of goods?goods that consumers demand less of when their incomes increaseO two goods that are bought and used togetherESgoods used in place of one anothergoods that consumers demand more of when their incomes increase

3. The term normal goods refers to what kind of goods?

goods that consumers demand less of when their incomes increase

O two goods that are bought and used together

ES

goods used in place of one another

goods that consumers demand more of when their incomes increase