In Economic Terminology, a Normal Good Is a Good

question 251

Multiple Choice

In economic terminology, a normal good is a good

• A) on which a monetary value cannot be placed.
• B) that is liked only by normal people.
• C) for which demand increases when price increases.
• D) for which demand increases when income increases.

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Definitions:

Income Elasticity

A measure of how much the demand for a good or service changes in response to a change in consumers' income.

Cross Elasticity of Demand

A measure of how the quantity demanded of one good responds to a change in price of another good, indicating substitutes or complements.

Digital Cameras

Electronic devices that capture and store photographs in digital format, allowing for immediate viewing, digital storage, and manipulation.

Memory Cards

Portable electronic storage devices used for storing digital information in various electronic devices, such as cameras, phones, and computers.