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What is Meant by Inferior Good in Economics? - Economics

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Question

What is meant by inferior good in economics? 

Solution

Inferior goods are those goods which share inverse relationship with the income of a consumer. ‘Coarse cereals’ is an example of inferior goods. This implies that the demand for the inferior goods falls with a rise in the consumer’s income and vice-versa. 

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What is Meant by Inferior Good in Economics? Concept: Basic Concepts - Intermediate Goods.
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