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प्रश्न
What kind of a commodity will have inverse relation between income and demand?
विकल्प
Normal good
Inferior good
Essential good
Luxury good
उत्तर
Inferior good
Explanation:
An inferior good is a type of commodity for which demand decreases as the income of the consumer increases, and vice versa. This inverse relationship occurs because, as consumers' income rises, they tend to purchase more expensive substitutes and reduce their consumption of the inferior good. For example, if a person's income increases, they might buy less generic brand food (inferior good) and more brand-name products (normal goods).
संबंधित प्रश्न
Explain any three factors that affect the demand for a commodity.
Give one example of a pair of complementary goods.
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 are inferior goods?
What do you mean by complementary goods?
Explain the impact on demand of complementary goods.
If price of X increases, then demand for Y too increases. What is the relationship between goods X and Y? Give an example.
If the quantity demanded of commodity X decreases as the householder's income increases. What type of a commodity is X? Give an example.
With the help of a suitable example explain the effect of a rise in price on the demand for complementary goods.
Explain how quantity demanded for commodity X will be affected by An increase in the price of its substitute.
Define market demand.
What is demand function?
Give the meaning of Price demand.
Give an example of inferior goods.
What are Veblen goods?
Tea and coffee are examples of ______.
When income increases, the demand for ______ type of good will increase.
