B.A good for which the cross elasticity of demand with a substitute product is greater than 1 C.A good for which demand will fall as household income rises 相关知识点: 试题来源: 解析 B Rationale: The term 'inferior good' is a technical term in economics. An example of such a good mig...
As far as the fast food is concerned, keep in mind that it is considered an inferior good mainly in the western countries. However, for the economies of the East, fast food is a normal good. Summary Definition Define Inferior Good:Inferior goods are products or services that increase in de...
A good for which demand will fall as household income rises
An inferior good in economics refers to a type of good whose demand decreases as consumer income rises, and vice versa. This contrasts with normal goods, where demand increases with rising income.
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An example of an inferior good is the instant noodle. College students with lower incomes typically purchase and consume this type of food more than... Learn more about this topic: Inferior Good in Economics | Definition & Examples from ...
What is the income elasticity of demand for an inferior good? What is meant by the term "income elasticity of demand"? Define the price elasticity of demand and the income elasticity of demand. What is a price elasticity of demand in economics?
In economics, a substitute good is an item consumers will purchase in lieu of another product. The demand for substitutes derives from the scarcity of preferred goods or an increasing price of preferred goods. An example of a substitute good is hamburger meat instead of prime rib. The cost ...
Kevin has edited encyclopedias, taught history, and has an MA in Islamic law/finance. Cite this lesson The economies of scale is where the scale of production lines up with a long-term outcome that is most profitable. Study the definition and impact of the economies of scale on fixed costs...
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