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Questions
What are inferior goods?
What do you mean by an inferior good?
Solution
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.
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RELATED QUESTIONS
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| Column I | Column II |
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| 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. |
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