What is the difference between inferior …
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Yogita Ingle 5 years, 1 month ago
Substitute goods are the goods which are used in place of one another. For example, tea and coffee, coke and pepsi. On the other hand, complementary goods are the ones which are used together or the goods complement the use of one another. For example, car and petrol, pen and ink.
A rise in income of the consumer leads to an increase in demand for the commodity and vice-versa in case of normal goods whereas a rise in income of the consumer leads to a fall in demand for the commodity and vice-versa in case of inferior goods.
Example :- Toned milk is an example of inferior good
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