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प्रश्न
What do you mean by a normal good?
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उत्तर
Those goods that share a positive relationship with income but a negative relationship with price are called normal goods. In other words, if the income of a consumer increases, then the demand for a normal good also increases. However, the demand will fall with the rise in the price of that good.
That is,
If the price of a good (Px) increases, thenthedemand for good (Dx) decreases
If a consumer’s income (M) increases, then thedemand for good Dx increases.
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संबंधित प्रश्न
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Concept of elasticity of demand is useful for finance minister.
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The demand of foodgrains is inelastic.
Fill in the blanks with appropriate alternatives given in the bracket.
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Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.
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