Question : When demand for a good increases with an increase in income, such a good is called
Option 1: superior good
Option 2: giffin good
Option 3: inferior good
Option 4: normal good
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Correct Answer: superior good
Solution : The correct answer is superior good
A superior good is one that people want more of as their money grows. This is because as people's incomes rise, they have more money to spend on products and services, and they may choose to spend more money on greater things because they provide higher quality, performance, or prestige.
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