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Definition of Normal good
1. Noun. (economics) a good for which demand increases when income increases and falls when income decreases but price remains constant, i.e. with a positive income elasticity of demand. ¹
¹ Source: wiktionary.com
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1. Noun. (economics) a good for which demand increases when income increases and falls when income decreases but price remains constant, i.e. with a positive income elasticity of demand. ¹
¹ Source: wiktionary.com