Advertisements
Advertisements
प्रश्न
What kind of a commodity will have inverse relation between income and demand?
पर्याय
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.
What will be the impact of a rise in price on the demand for its complementary goods?
Which of the following is not a determinant of demand?
With an increase in income, the consumption of which good, the consumer reduces ______.
Goods X and Y are complements when they are ______.
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 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 how quantity demanded for commodity X will be affected by Government policy.
What is demand function?
Give the meaning of Cross demand.
Give two examples of substitute goods.
Give two examples of complementary goods.
Give an example of Giffen goods.
What are Veblen goods?
Given an example of Veblen goods.
Car and petrol are examples of ______ demand.
Tea and coffee are examples of ______.
