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Define an inferior good. - Economics

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प्रश्न

Define an inferior good.

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उत्तर

An inferior good is the good the demand for which falls with an increase in the income of the consumer. For example, the demand for an inferior (coarse) food like maize or bajra may decrease when the income of the consumer increases beyond a particular level, as he may substitute maize with a superior food like wheat or rice.

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अध्याय 22: Model Short Answer Questions - MODEL SHORT ANSWER QUESTIONS [पृष्ठ ४५०]

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फ्रैंक Economics [English] Class 12 ISC
अध्याय 22 Model Short Answer Questions
MODEL SHORT ANSWER QUESTIONS | Q 15. | पृष्ठ ४५०
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