Asked by
Jordan Harrold
on Dec 08, 2024
Verified
For inferior goods, a decrease in income will cause the
A) quantity demanded to fall.
B) demand to increase.
C) demand to fall.
D) quantity demanded to increase.
Inferior Goods
Goods for which demand decreases as the income of the consumer increases, inversely related to that of 'normal goods'.
Quantity Demanded
The sum total of a good or service consumers are ready and able to buy at a certain price point.
- Identify the differences among standard goods, substandard goods, and replacement items.
- Explore the relationship between consumer income shifts and demand levels for goods.
Verified Answer
GL
Learning Objectives
- Identify the differences among standard goods, substandard goods, and replacement items.
- Explore the relationship between consumer income shifts and demand levels for goods.