Asked by
Jessie Foster
on Dec 11, 2024
Verified
If people buy less flowers at every price when their incomes fall, then
A) flowers are a normal good.
B) the demand for flowers is positively sloped.
C) demand for flowers has increased.
D) the price of flowers has increased.
E) there has been a decrease in population that changed demand.
Normal Good
A good for which demand increases as the income of consumers increases and decreases as the income of consumers decreases.
- Identify the distinctions among normal, inferior, and luxury goods in relation to their income elasticity of demand.
Verified Answer
IH
Learning Objectives
- Identify the distinctions among normal, inferior, and luxury goods in relation to their income elasticity of demand.