The demand for________ (normal/ inferior/ consumer) goods increases with a decrease in income

The demand for________ (normal/ inferior/ consumer) goods increases with a decrease in income, whereas____________ (public/normal/private) are goods that cannot be bought or sold.

Expert Solution

Normal goods are those whose demand increases as the income of individual increases.

Inferior goods are those whose demand decreases as income increases or demand increases with fall in income.

A commodity used byba consumer is consumer good.

Public goods are those which can neither be bought nor sold. No one can be excluded from its benefits.

Thus, the correct answer for first blank is inferior and second blank is public.

jeff jeffy answered 2 years ago

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