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The demand for an inferior good decreases with ________ in the consumer's income.
- a)increase
- b)decrease
- c)constant
- d)double
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
The demand for an inferior good decreases with ________ in the consume...
Increase is the correct word because when people's income increases, they start looking for superior goods and hence demand for inferior goods decreases.
Most Upvoted Answer
The demand for an inferior good decreases with ________ in the consume...
Inferior goods are those goods which are consumed by group of lower income of people,for eg.jowar,bajra ,etc.As their income increases they start buying normal goods.So, there is inverse relation between the income and inferior goods.
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Community Answer
The demand for an inferior good decreases with ________ in the consume...
Explanation:
An inferior good is a type of good whose demand decreases when the income of the consumer increases. This is because consumers consider an inferior good as a low-quality product and prefer to buy a higher quality product as their income increases. Therefore, the demand for an inferior good decreases when the consumer's income increases.
For example, consider a consumer who buys instant noodles as a staple food because of their low cost. As the consumer's income increases, they may start to prefer healthier and more expensive food options. In this case, the demand for instant noodles, which is an inferior good, decreases as the consumer's income increases.
Summary:
The demand for an inferior good decreases with an increase in the consumer's income as they prefer to buy higher quality products.
An inferior good is a type of good whose demand decreases when the income of the consumer increases. This is because consumers consider an inferior good as a low-quality product and prefer to buy a higher quality product as their income increases. Therefore, the demand for an inferior good decreases when the consumer's income increases.
For example, consider a consumer who buys instant noodles as a staple food because of their low cost. As the consumer's income increases, they may start to prefer healthier and more expensive food options. In this case, the demand for instant noodles, which is an inferior good, decreases as the consumer's income increases.
Summary:
The demand for an inferior good decreases with an increase in the consumer's income as they prefer to buy higher quality products.
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The demand for an inferior good decreases with ________ in the consumer's income.a)increaseb)decreasec)constantd)doubleCorrect answer is option 'A'. Can you explain this answer?
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The demand for an inferior good decreases with ________ in the consumer's income.a)increaseb)decreasec)constantd)doubleCorrect answer is option 'A'. Can you explain this answer? for SSC 2024 is part of SSC preparation. The Question and answers have been prepared according to the SSC exam syllabus. Information about The demand for an inferior good decreases with ________ in the consumer's income.a)increaseb)decreasec)constantd)doubleCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for SSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The demand for an inferior good decreases with ________ in the consumer's income.a)increaseb)decreasec)constantd)doubleCorrect answer is option 'A'. Can you explain this answer?.
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