If a 1% increase in an individual's income leads to a 0.5% increase in the demand for a good, the good is considered to be a normal good.

Name: If a 1% increase in an individual's income leads to a 0.5% increase in the demand for a good, the good is considered to be a normal good.
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Quizplus · Accepted Answer

This is because the 1% increase in income has led to an increase in demand for the good, which is the typical behavior of a normal good.

If a 1% Increase in an Individual's Income Leads to a 0.5