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Other things being equal, an increase in income leads to a decrease in demand for
- a)superior Goods
- b)inferior Goods
- c)Both (1) and (2)
- d)None of the above
Correct answer is option 'B'. Can you explain this answer?
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Other things being equal, an increase in income leads to a decrease in...
An inferior good is an economic term that describes a good whose demand drops when people's incomes rise. This occurs when a good has more costly substitutes that see an increase in demand as incomes and the economy improve.
In economics, the demand for inferior goods decreases as income increases or the economy improves. When this happens, consumers are more willing to spend on costly substitutes. Some of the reasons behind this shift may include quality or a change to a consumer's socio-economic status.
In economics, the demand for inferior goods decreases as income increases or the economy improves. When this happens, consumers are more willing to spend on costly substitutes. Some of the reasons behind this shift may include quality or a change to a consumer's socio-economic status.
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Other things being equal, an increase in income leads to a decrease in...
An inferior good is an economic term that describes a good whose demand drops when people's incomes rise. This occurs when a good has more costly substitutes that see an increase in demand as incomes and the economy improve.
In economics, the demand for inferior goods decreases as income increases or the economy improves. When this happens, consumers are more willing to spend on costly substitutes. Some of the reasons behind this shift may include quality or a change to a consumer's socio-economic status.
In economics, the demand for inferior goods decreases as income increases or the economy improves. When this happens, consumers are more willing to spend on costly substitutes. Some of the reasons behind this shift may include quality or a change to a consumer's socio-economic status.
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Other things being equal, an increase in income leads to a decrease in demand fora)superior Goodsb)inferior Goodsc)Both (1) and (2)d)None of the aboveCorrect answer is option 'B'. Can you explain this answer?
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