Asked by Katina Zhu [STUDENT] on May 05, 2024

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After graduation from college,you might have an increase in your income from a new job.If as a result you decide that you will purchase more T-bone steak and less hamburger,then for you hamburger is a(n) _____ good.

A) normal
B) substitute
C) complementary
D) inferior

Inferior Good

A type of good whose demand decreases when consumer incomes increase.

  • Discover the differences between normal and inferior goods, and analyze how alterations in income influence their demand.
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GF
Griffin FergusonMay 06, 2024
Final Answer :
D
Explanation :
If an increase in income leads to a decrease in demand for a particular good, then the good is classified as an inferior good. In this case, the person decides to purchase less hamburger (an inferior good) and more T-bone steak (a normal good) after an increase in income, indicating that hamburger is an inferior good for them.