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प्रश्न
What are inferior goods?
संक्षेप में उत्तर
उत्तर
- Inferior goods are ones whose demand decreases as the consumer's income rises.
- As a result, there is an inverse relationship between consumer income and demand for inferior goods.
- For example, when wealth exceeds a certain level, demand for coarse cereals such as maize or jowar may fall because consumers may substitute superior cereals such as wheat or rice.
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Concept of Market
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