Asked by Taylor Gonzalez on Jul 04, 2024
Verified
Inferior goods are always substandard.
Inferior Goods
Products for which demand decreases as consumers' income increases, opposite of normal goods.
- Differentiate among normal goods, inferior goods, complementary goods, and substitute goods.
Verified Answer
AS
Aakif SaeedJul 09, 2024
Final Answer :
False
Explanation :
Inferior goods are not necessarily substandard; they are defined as goods for which demand decreases as consumer income rises, in contrast to normal goods, where demand increases with rising income.
Learning Objectives
- Differentiate among normal goods, inferior goods, complementary goods, and substitute goods.