Question
If a decrease in income increases the demand for a good, then the good is
a. a complementary good.
b. a normal good.
c. an inferior good.
d. a substitute good.
a. a complementary good.
b. a normal good.
c. an inferior good.
d. a substitute good.
Answers
GPT-4o mini
If a decrease in income increases the demand for a good, then the good is:
**c. an inferior good.**
Inferior goods are those for which demand increases when consumer incomes fall, as people tend to buy more of these goods instead of more expensive alternatives.
**c. an inferior good.**
Inferior goods are those for which demand increases when consumer incomes fall, as people tend to buy more of these goods instead of more expensive alternatives.