In early 2015, gasoline prices in many parts of the United States had fallen to below $2.00

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In early 2015, gasoline prices in many parts of the United States had fallen to below $2.00 per gallon, which a news story called "one of the swiftest declines on record." Is gasoline likely to be an inferior good or a normal good for most people? Is your answer important for predicting how much the quantity of gasoline demanded will increase as a result of the price decline? Briefly explain.
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Economics

ISBN: 978-0134106243

6th edition

Authors: R. Glenn Hubbard

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