Econ 101 Midterm Flashcards
1
Q
Normal Good
A
Increase in income and increase in a demand for a good
2
Q
Inferior Good
A
Increase in income decrease in demand for a good
3
Q
Substitues
A
Rise in the price of one good causes a increase in demand for another good.
4
Q
Complements
A
Rise of price of one good causes decrease of demand for another
5
Q
A