SELECT * FROM question_mgmt as q WHERE id=10223 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=609 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th micro-economics Theory of Consumer Behaviour what do you mean by an lsquo inferior good rsquo

Question:

What do you mean by an ‘inferior good’? Give some examples

Answer:

Inferior good: Those goods that share an inverse relationship with their prices and with the income of a consumer are called inferior goods. That is, If the price of a good (Px ) increases, then the demand for the good (Dx) decreases. If a consumer’s income (M) increases, then the demand for good Dx increases. Examples: Coarse cereals, birds, etc.


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