Goods for which demand rises as income rises are ___. *1 pointA. complementary goodsB. inferior goodsC. normal goodsD. substitutes
Question
Solution 1
To determine the type of goods for which demand rises as income rises, we need to understand the relationship between income and demand.
Step 1: Identify the goods for which demand rises as income rises.
Step 2: Determine the category of these goods.
Step 3: Choose the correct option from the Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI
Similar Questions
People buy more of good 1 when the price of good 2 rises. These goods are. A. normal goods B. complements C. substitutes D. inferior goods
The cross price elasticity of demand for substitutes goods is:Question 9Select one:a.negative.b.positive.c.equal to 1.d.positive only for normal goods.
40.Under monopoly, the monopolist sells: A. Homogeneous products B. Substitutes C. Complementary goods D. Differential products
What type of good is a Giffen good?A normal goodA luxury goodAn inferior goodA complementary good
Inferior Good - A good that increases demand when consumer income decrease.Question 4AnswerTrueFalse
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.