What is an inferior good in economic terms?

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Economics · Economy

Verified Solution4 OptionsUpdated: October 2026👁️1 View

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A good for which demand falls as household income rises

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Answer 1

A good that violates the law of supply

Answer 2

A good for which demand falls as household income rises

Answer 3

A good for which the cross elasticity of demand with a substitute product is greater than 1

Answer 4

A good of such poor quality that demand for it is very weak

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