Economics · Types of Goods
Which of the following definitions best describes an inferior good?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A luxury good whose consumption increases rapidly with income
- 2A good for which consumer demand falls as household income rises✓
- 3A good for which the cross elasticity of demand with a substitute product is greater than 1
- 4A good of such poor quality that market demand for it is constantly zero
Correct answer
A good for which consumer demand falls as household income rises
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