Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If the demand for a product increases proportionately faster than the increase in consumers incomes, then the product is: A normal and necessity. B inferior

If the demand for a product increases proportionately faster than the increase in consumers incomes, then the product is: A normal and necessity. B inferior and necessity. C normal and luxury. D inferior.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Financial Management

Authors: R. Charles Moyer, James R. Mcguigan, William J. Kretlow

9th Edition

032416470X, 9780324164701

More Books

Students also viewed these Finance questions

Question

=+5. How can you show them their personal benefits?

Answered: 1 week ago

Question

=+7. How does it enhance their lifestyle?

Answered: 1 week ago