An inferior good is:

one whose demand curve will shift rightward as incomes rise.

one whose price and quantity demanded vary directly.

one that has not been approved by the Federal Food and Drug Administration.

not accurately defined by any of these statements.

Question

Cheyenne Grant

Business

4 October, 12:24

An inferior good is:

one whose demand curve will shift rightward as incomes rise.

one whose price and quantity demanded vary directly.

one that has not been approved by the Federal Food and Drug Administration.

not accurately defined by any of these statements.

+2

Answers (1)

Know the Answer?

Chanel Gill · Answer 1

Answer: Option (D) is correct.

Explanation:

None of the options shows the correct explanation about the inferior goods.

An inferior good is a good whose demand is inversely related with the income level of an individual. An increase in the income level of an individual will lead to fall in the demand for inferior goods and on the other hand, a decrease in the income level of an individual will result in higher demand for the inferior goods.

An inferior good is:one whose demand curve will shift rightward as incomes rise.one whose price and quantity demanded vary directly.one that has not been approved by the Federal Food and Drug Administration.not accurately defined by any of these statements.

An inferior good is:

one whose demand curve will shift rightward as incomes rise.

one whose price and quantity demanded vary directly.

one that has not been approved by the Federal Food and Drug Administration.

not accurately defined by any of these statements.