Question

What do you mean by a normal good?

Solution

A normal good is one whose demand (or consumption) rises with rise in income and falls with fall in income of the consumer, e.g. wheat, silk, cloth, full cream milk.

Some More Questions From Theory Of Consumer Behaviour Chapter

Name two determinants of demand.

List the factors that cause changes in demand.

What is law of demand?

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Theory Of Consumer Behaviour

What do you mean by a normal good?

Some More Questions From Theory Of Consumer Behaviour Chapter

Name two determinants of demand.

List the factors that cause changes in demand.

What is law of demand?

What is demand schedule?

Why does demand curve slope downwards?

Differentiate between substitute and complementary goods.

What is meant by one good being substitute of other?

What is meant by one good being complementary to another.

Give an example of a pair of commodities that are substitutes of each other.

Give an example of a pair of commodities such that one of them is complementary in consumption to the other.

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