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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 


Team Careers360 17th Jan, 2024
Answer (1)
Team Careers360 23rd Jan, 2024

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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