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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
Explain any three factors that affect the demand for a commodity.
Give one example of a pair of complementary goods.
With an increase in income, the consumption of which good, the consumer reduces ______.
Mobile phones and SIM cards are examples of ______.
State two important determinants of demand.
What are inferior goods?
What do you mean by substitute goods?
What do you mean by complementary goods?
Explain the impact on demand of complementary goods.
With the help of a suitable example explain the effect of a rise in price on the demand for complementary goods.
Define market demand.
What do you mean by a normal good?
Explain any four factors affecting the demand for a commodity.
Give an example of Giffen goods.
Given an example of Veblen goods.
Tea and coffee are examples of ______.
Detergent powder and detergent cake are examples of ______.
