An inferior goods is one

Assessment: WAEC SSCE - Economics - 1993 (Objective) Subject: Economics

Question 1 Report

An inferior goods is one
Answer Details
An inferior good is a good for which the demand decreases as consumer income increases. This is because when consumers' income rises, they tend to switch to superior goods or higher quality substitutes, resulting in a decrease in demand for the inferior goods. This is the opposite of normal or superior goods, where the demand increases as income increases. Examples of inferior goods include low-quality goods like instant noodles or used clothing.

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