If Randy experiences a decrease in his income, we would expect that Randy's demand for

A) each good he purchases will remain unchanged.
B) normal goods will decrease.
C) most goods will increase.
D) inferior goods will decrease.

Question

Akshit Kumar · Accepted Answer

Final Answer : B, Explanation :  When income decreases, the demand for normal goods typically decreases because people have less money to spend on these goods.

If Randy experiences a decrease in his income, we would expect that Randy's demand for

A) each good he purchases will remain unchanged.
B) normal goods will decrease.
C) most goods will increase.
D) inferior goods will decrease.

Definitions

Learning Objectives

Learning Objectives

Related questions

If Randy experiences a decrease in his income, we would expect that Randy's demand forA) each good he purchases will remain unchanged.B) normal goods will decrease.C) most goods will increase.D) inferior goods will decrease.

Definitions

Learning Objectives

Learning Objectives

Related questions

If Randy experiences a decrease in his income, we would expect that Randy's demand for

A) each good he purchases will remain unchanged.
B) normal goods will decrease.
C) most goods will increase.
D) inferior goods will decrease.