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A normal good is which of the following? A good in which the change in price...

Question:

A normal good is which of the following? A good in which the change in price is proportionately related to a change in demandTwo goods are said to be complements if: a price increase of one good leads to an increase in the demand for the complementar

A normal good is which of the following? A good in which the change in price is proportionately related to a change in demand. A good in which a change in income is inversely related to the change in demand. A good in which a change in price is inversely related to a change in demand. A good in which the change in income is proportionately related to a change in demand for that good.
Two goods are said to be complements if: a price increase of one good leads to an increase in the demand for the complementary good. a price decrease of one good leads to an increase in the demand for the complementary good. a change in the popularity of one good leads to a decrease in the demand for a complementary good.

Answers

Ans) 1) Normal good is one which is positively related with income. That is, as income increases, its demand increases and if income decreases, its demand decreases. Eg- expensive clothes, new car etc.

Inferior goods are those which are negatively (inversely) related with income. That is if income increases, their demand decreases and vice versa. Eg- used cars

Option d.

2) Complementary goods are those which are consumed together.

For eg- tea and sugar, pen and ink, gasoline and car etc.

So, if price of complementary good increases, demand for the other good decreases and vice versa. For eg- if price of sugar increases, demand for tea will fall.

Option b.

.

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