the price of a substitute falls.
the price of a substitute rises.
C) income decreases.
D) income increases.
By definition, an inferior good is a
want that is not expressed by demand.
normal substitute good.
good for which demand decreases when its price rises.
good for which demand decreases when income increases.
If a good is an inferior good, then purchases of that good will decrease when
An inferior good is a good for which demand
Gruel is an inferior good. Hence, a decrease in people’s incomes
When economists speak of preferences as influencing demand, they are referring to
directly observable changes in prices and income.