Author Question: A normal good is defined by economists to be a good: a. with a negatively-sloped demand curve. b. ... (Read 112 times)

olgavictoria · **on:** Jun 30, 2018

A normal good is defined by economists to be a good:
a. with a negatively-sloped demand curve.
b. that is purchased by at least 75 percent of the population.
c. that is bought by consumers with normal tastes.
d. whose demand increases when incomes increase.
e. whose demand decreases when incomes increase.

Question 2

If people buy less chewing gum at every price when their incomes fall, then:
a. chewing gum is a normal good.
b. the demand for chewing gum is positively sloped.
c. demand for chewing gum has increased.
d. the price of chewing gum has increased.
e. there has been a decrease in population that changed demand.