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A rise in the income of the consumer leads to a fall in the demand for commodity ‘x’. What type of good is commodity ‘x’?
- a)Necessity good
- b)Snob goods
- c)Normal good
- d)Inferior good
Correct answer is option 'D'. Can you explain this answer?
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A rise in the income of the consumer leads to a fall in the demand for...
An inferior good is a type of good for which demand declines as the level of income increases.
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A rise in the income of the consumer leads to a fall in the demand for...
This statement is not necessarily true. In most cases, when the income of a consumer increases, their demand for certain commodities also increases. This is because they have more disposable income and can afford to purchase more goods and services. However, there are some cases where the demand for certain commodities may decrease as income increases. For example, if a consumer's income increases significantly, they may choose to switch to more expensive and higher quality goods, leading to a decrease in demand for lower quality commodities.
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A rise in the income of the consumer leads to a fall in the demand for commodity ‘x’. What type of good is commodity ‘x’?a)Necessity goodb)Snob goodsc)Normal goodd)Inferior goodCorrect answer is option 'D'. Can you explain this answer?
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