A good is said to be "normal" if

sinerus

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6 years ago

A good is said to be "normal" if
A) it has a positive income elasticity of demand.
B) it is of high quality.
C) consumers buy more of it at a high price.
D) it has few substitutes.

Textbook

Survey of Economics: Principles, Applications and Tools

Edition: 6^th

Authors: O'Sullivan, Sheffrin, Perez

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