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प्रश्न
If the quantity demanded of commodity X decreases as the householder's income increases. What type of a commodity is X? Give an example.
How does an increase in income affect the demand for an inferior good?
उत्तर
If the quantity demanded of commodity X decreases as the householder's income increases, commodity X is an inferior good.
Inferior goods are those for which demand decreases as consumers' income increases. As people earn more, they tend to buy less of the inferior good and more of higher-quality or more expensive substitutes.
Example:
Instant Noodles: For some consumers, instant noodles might be considered an inferior good. When their income increases, they may purchase fewer instant noodles and instead buy more fresh or higher-quality food options.
संबंधित प्रश्न
State two factors affecting the market demand for a commodity.
What will be the impact of a rise in price on the demand for its complementary goods?
Which of the following pairs of goods are most likely substitutes?
Which of the following is not a determinant of demand?
From the set of statements given in Column I and Column II, choose the correct pair of statements:
| Column I | Column II |
| A. Normal goods | (i) Goods the demand for which tends to fall with increase in income. |
| B. Inferior goods | (ii) Goods which cannot be used in place of one another. |
| C. Substitute goods | (iii) Goods which can be used in place of one another. |
| D. Joint demand | (iv) Goods the demand for which rise with increase in income. |
What do you mean by substitute goods?
If price of X increases, then demand for Y too increases. What is the relationship between goods X and Y? Give an example.
Explain any three determinants of market demand.
Explain how quantity demanded for commodity X will be affected by An increase in the price of its substitute.
What do you mean by a normal good?
What is demand function?
Give the meaning of Price demand.
Define complementary goods.
Give two examples of complementary goods.
Give an example of inferior goods.
Tea and coffee are examples of ______.
Milk can be put to several uses; therefore, it is called as a ______ good.
