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In economics, a good whose demand decreases when consumer income rises is called?
  • a)
    Veblen good
  • b)
    Normal good
  • c)
    Exclusive good
  • d)
    Inferior good
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
In economics, a good whose demand decreases when consumer income rise...
In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand increases when consumer income decreases), unlike normal goods, for which the opposite is observed.
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In economics, a good whose demand decreases when consumer income rises is called?a)Veblen goodb)Normal goodc)Exclusive goodd)Inferior goodCorrect answer is option 'D'. Can you explain this answer?
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