What are inferior goods?
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Posted by Gaga Sharma Sharma 6 years, 11 months ago
- 2 answers
Yogita Ingle 6 years, 11 months ago
- A good is called ‘inferior goods’ when its demand falls with a rise in the income of a consumer and vice- versa.
- For example, Jowar or Bajra for a poor person.
- A good is inferior in a relative terms. It means, a good is inferior or normal is determined by the income level of a consumer.
- When a consumer moves to higher income, he/she may consider some goods below their income status, and treats them as inferior.
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Sakshi Singh 6 years, 11 months ago
1Thank You