Answer the Following Question. Discuss the Relationship Between the Income of the Consumer and Demand for a Commodity with Respect to Normal Goods, Inferior Goods, and Necessities. - Economics

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One Line Answer

Answer the following question.
Discuss the relationship between the income of the consumer and demand for a commodity with respect to normal goods, inferior goods, and necessities.

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Solution

 A normal good: Demand will increase and the demand curve will shift towards the right.
An inferior good: Demand will decrease and the demand curve will shift towards left.

Concept: Demand
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2014-2015 (March) Set 1

RELATED QUESTIONS

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