Question #322982

If milk is a normal good, then a decrease in consumers’ income will definitely cause 


Expert's answer

If milk is a normal good, then a decrease in consumers' income will definitely cause a decline in its consumption. Changes in consumer incomes affect the consumption of a normal good. An increase in consumer income would increase the consumption of a normal good, while a decrease in consumer income would result in a decrease in its consumption. Therefore, if milk is considered a normal good, a decrease in consumer's income would result in a decrease in its consumption.


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

LATEST TUTORIALS
APPROVED BY CLIENTS