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15 August, 23:09

If an increase in income results in a leftward shift of the demand curve for product X, then X is a (anGroup of answer choices (a) status good. (b) normal good. (c) inferior good. (d) prestige product. (e) weird product.

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  1. 15 August, 23:37
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    c) inferior good.

    Explanation:

    A shift in demand occurs when other factors apart from price cause a change in demand.

    In this instance, demand is shifting as a result of an increase in income.

    If income increases and demand for the good shifts to the right, it means less of the good is being demanded. This implies that the good is inferior and when people have more money they forgoe it for more superior goods.
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Home » Business » If an increase in income results in a leftward shift of the demand curve for product X, then X is a (anGroup of answer choices (a) status good. (b) normal good. (c) inferior good. (d) prestige product. (e) weird product.
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