Advertisements
Advertisements
प्रश्न
What are inferior goods?
What do you mean by an inferior good?
उत्तर
Inferior good is any good whose demand falls as the consumer's income increases, and as the consumer's income decreases, the demand for it rises.
APPEARS IN
संबंधित प्रश्न
Which of the following pairs of goods are most likely substitutes?
What kind of a commodity will have inverse relation between income and demand?
The demand for a Good X increases when the price of its substitute ______ OR when the price of its complements ______.
Assertion (A): The statement 'A consumer buys 2 litres of milk everyday at a price of ₹50 per litre of milk' is demand statement.
Reason (R): The demand for a commodity is always expressed with references to price and time.
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?
Explain the impact on demand of complementary goods.
If the quantity demanded of commodity X decreases as the householder's income increases. What type of a commodity is X? Give an example.
Differentiate between Giffen goods and inferior goods.
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.
Explain how quantity demanded for commodity X will be affected by Consumer credit facility.
Explain any four factors affecting the demand for a commodity.
Give the meaning of Price demand.
Give an example of inferior goods.
Tea and coffee are examples of ______.
When income increases, the demand for ______ type of good will increase.
Milk can be put to several uses; therefore, it is called as a ______ good.
