Distinction Between Income and Price Effects
| Income change | Price change | |||||
| Normal good | Inferior good | Ordinary good | Giffen good | |||
| Income up | Consumption up | Consumption down | Price up | Consumption down | Consumption up | |
| Income down | Consumption down | Consumption up | Price down | Consumption up | Consumption down | |
Read more about this topic: Ordinary Good
Famous quotes containing the words distinction between, distinction, income, price and/or effects:
“There is all the difference in the world between the criminal’s avoiding the public eye and the civil disobedient’s taking the law into his own hands in open defiance. This distinction between an open violation of the law, performed in public, and a clandestine one is so glaringly obvious that it can be neglected only by prejudice or ill will.”
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