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)
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Which of the following is a condition necessary for a perfect market? ...