A demand which is positively related to price i... - JAMB Economics 1994 Question
A demand which is positively related to price is true of?
A
normal goods
B
giffen goods
C
ostentatious goods
D
capital goods
correct option: a
In economics, normal goods are any goods for which demand increases when income increases, and falls when income decreases but price remains constant, i.e. with a positive income elasticity of demand.
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