Business, 03.03.2020 00:01 iwannasleep

There are a number goods that over time, for a variety of reasons, transition from being a normal good to an inferior good or from being an inferior good to a normal good. One such example of a good is the Toyota Camry. In the 1980s, more income for a household usually resulted in more Camrys being purchased. However, today more Toyota Camrys are purchased by households that have experienced a reduction in income. How could this happen? a. households have already purchased enough camry's so income has little impact. b. the camry becomes a normal good because the good is now perceived as lower in quality than a lexus. c. the camry becomes an inferior good because as consumers receive more purchasing power, they purchase more of the product. d. the camry becomes an inferior good because the good is now perceived as lower in quality than a lexus.

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