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Question
Give two examples of normal goods.
One Line Answer
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Solution
Household furniture, telephones and clothes are examples of normal goods.
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Determinants of Demand - Individual Demand Function
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RELATED QUESTIONS
Distinguish between Normal goods and Inferior goods.
The demand for ______ goods will increase with the increase in the consumers income.
State whether the following statement are true or false. Give reasons.
An increase in income leads to a rise in the demand for normal goods.
State whether the following statement are true or false. Give reasons.
An increase in income leads to a rise in the demand for inferior goods.
State whether the following statement is true or false. Give reasons.
The commodity for which quantity demanded decreases with an increase in income is called inferior commodity.
