Those goods whose quantity demanded increases as income goes up are called wealthy goods inferior goods rich people goods superior goods

Question

Cohen Dickerson

History

16 July, 04:53

Those goods whose quantity demanded increases as income goes up are called wealthy goods inferior goods rich people goods superior goods

+3

Answers (1)

Know the Answer?

Kaitlin Riley · Answer 1

These goods are referred to as "superior goods." For a good to be superior, it must have a high price and be relatively scarce, so people only buy it when income rises.