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Question
If, as people's income increases, the quantity demanded for a good decreases, the good is called___________.
If, as people's income increases, the quantity demanded for a good decreases, the good is called___________.
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Solution
The correct option is C An inferior good
In case of inferior goods, as income increases demand decreases (Ey<0).
In case of inferior goods, as income increases demand decreases (Ey<0).
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