Inferior goods are referred to in Economics as goods
...Inferior goods are referred to in Economics as goods
Whose quality is low
Consumed by very poor people
Whose consumption falls when consumer's' income rises
Which satisfies only the basic needs
None of the above
Correct answer is C
In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand increases when consumer income decreases)
All the following are features of market economies except ...
The international production set for Nigeria and Austria is; Products Nigeria ...
From the diagram above, the quantity of output is determined by the point ...
From that table above, the price elasticity of supply is ...
In the long run, the equilibrium point of a monoplistic firm is a point where the ...
To control inflation, the monetary authorities of a country can ...