The world market demand for gold exemplifies a typical demand relationship. On your answer sheet, draw a graph of the initial market demand curve for gold in the world.
Assuming gold is a(n) normal good, a(n) decrease in level of income available to buyers in the market (when the good is normal) leads to (increase, decrease, no change) in demand for gold in the world. Now, on the same graph (from above), show the effect of this decrease in the level of income available to buyers in the market (when the good is normal).