Elementary Theory of Demand — Economics STD 10 — Question
ICSE BoardEnglish MediumSTD 10EconomicsElementary Theory of Demand2 Marks
Question
Distinguish between normal goods and inferior goods.
✓
Answer
A good whose demand increases with increase in consumer's income (and decreases with fall in income) is called a normal good. Inferior good is any good whose demand falls as the consumer's income increases, and as the consumer's income decreases, the demand for it rises. Example: Toned milk
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