Question

56)If used furniture is an inferior good, an increase in consumers’ income will definitely cause:
Select one:
a. an increase in the demand for used furniture
b. an increase in the price of furniture
c. an increase in the equilibrium quantity of used furniture traded
d. a decrease in the equilibrium quantity of used furniture traded​

Answer 1

Answer:

d. a decrease in the equilibrium quantity of used furniture traded

Explanation:

if you found this helpful mark it as the brainliest

Answer 2

Answer:

Fall in demand

When demand declines due to rising income, an inferior good results. An inferior good's income elasticity of demand is negative. (YES) Low quality and better alternatives are characteristics of inferior products.

correct option is

d. a decrease in the equilibrium quantity of used furniture traded​

Explanation:

What Is an Inferior Good?

A good whose demand decreases as people's wages increase is referred to as an inferior good in economics. As the economy and earnings growth, these products lose popularity as people start purchasing more expensive alternatives.

• When people's incomes increase, the desire for lesser goods decreases.
• When the economy is weak or earnings are low, less-priced alternatives to more expensive things can be found.
• Inferior goods can relate to the type of product, object, or instance of how something happened that was purchased (i.e. taking a bus vs. driving a new car).
• The desire for inferior products falls even when earnings rise, in contrast to normal commodities.
• Luxury products, which are frequently marketed at a premium yet are of superior quality, are likewise opposed by inferior goods.
• When a consumer's income rises over a certain threshold, the demand for inferior items decreases.
• the factor influencing demand.
• It has comparable replacements.
• The demand curve slopes downward.
• The price impact is favorable.

learn more

https://brainly.in/question/18814830

https://brainly.in/question/3586751

#SPJ2