5. There are some products that have fall in demand due to a rise in the income of consumers. Such goods are called______. a. Complementary goods b. Inferior goods c. Normal goods d. Substitute goods
5. There are some products that have fall in demand due to a rise in the income of consumers. Such goods are called______. a. Complementary goods b. Inferior goods c. Normal goods d. Substitute goods
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 31CTQ: Economists define normal goods as having a positive income elasticity. We can divide normal goods...
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5. There are some products that have fall in demand due to a rise in the income of consumers. Such goods are called______.
a.
Complementary goods
b.
Inferior goods
c.
Normal goods
d.
Substitute goods
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