How does an increase in the income of consumers generally affect the demand for normal goods ?
CA Foundation · Business Economics · PYQS · September 2025
How does an increase in the income of consumers generally affect the demand for normal goods ?
Suggested Answer and Working Notes:
Correct Answer: Option (B)
B. It increases the demand.
Topics: Theory of Demand and Supply
Related Questions in this Topic
- If technological advancement occurs, supply curve will:
- The consumer surplus concept supports pricing strategy because:
- A key limitation of the Law of Diminishing MU is that it assumes utility is:
- If two goods X and Y have a positive cross elasticity, these goods are:
- At saturation point of TU curve, the slope of TU curve is _______