Question
When the demand for a good increases with an increase in income, such a good is called
Answer: Option D
Answer: (d)
A superior good is a product that people demand more of as then their incomes grow. These are products that are generally more expensive and rarer like diamonds and classic cars.
Such a good must possess two economic characteristics: it must be scarce, and, along with that, it must have a high price.
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Answer: (d)
A superior good is a product that people demand more of as then their incomes grow. These are products that are generally more expensive and rarer like diamonds and classic cars.
Such a good must possess two economic characteristics: it must be scarce, and, along with that, it must have a high price.
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