Asked by
Jessie Sanders
on Nov 04, 2024Verified
For inferior goods, demand will fall when
A) income increases.
B) income decreases.
C) price increases.
D) price decreases.
Inferior Goods
Goods for which demand decreases as the income of the consumer increases, opposite to normal goods.
Income Increases
A rise in the amount of money received, especially on a regular basis, for work or through investments, which can impact consumption, savings, and overall economic well-being.
- Assess the impact of variations in income on consumer demand for products.
Verified Answer
JJ
Learning Objectives
- Assess the impact of variations in income on consumer demand for products.