Download App

Elementary Theory of Demand — Economics STD 10 — Question

ICSE BoardEnglish MediumSTD 10EconomicsElementary Theory of Demand1 Mark
Question
What do you mean by a normal good?###When is a good considered a normal good###What are normal goods? Give two examples.
✓

Answer

A good whose demand increases with increase in consumer's income (and decreases with fall in income) is called a normal good.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "[1 Mark Question Answer]" from Elementary Theory of Demand→Elementary Theory of Demand — all question types→Economics STD 10 question papers→ICSE Board STD 10 question papers→ICSE Board question paper generator→

Similar questions

How does a increase in the number of firms in a market affect the market supply curve?
→
What is meant by increase in demand?###When does 'increase' in demand take place?
→
What is a price maker firm?
→
Define oligopoly Give an example.###What is meant by oligopoly? Give an example.###Define the term oligopoly market.
→
Distinguish between stock and supply.
→
What is the effect on price when a monopoly firm tries to sell more?
→
If the price of a commodity falls by 10% and consequently, the quantity supplied decreases by 20%, what will be its elasticity of supply?
→
What is barter exchange?###Explain the meaning of barter exchange by giving an example.
→
If some thing wrong is done to a consumer by a trader, under which consumer right one can move to consumer court to get compensation?
→
What does a rightward shift of demand curve indicate?
→