Ask Question
21 October, 03:12

How does consumer income affect the demand for normal and inferior goods?

+2
Answers (1)
  1. 21 October, 03:16
    0
    to answer this, we have to first understand the meaning of normal and inferior goods. normal goods are goods which demand rises as consumers income rises while inferior goods are the opposite of normal goods because the demand for them increase as the consumers income drops. so when a consumers income drops his demand for inferior goods tends to rise while that or normal goods drop and vice versa
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “How does consumer income affect the demand for normal and inferior goods? ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers