Question

define inferior and normal goods​

Answer 1

Inferior- An inferior good is a type of good whose demand declines when income rises. In other words, demand of inferior goods is inversely related to the income of the consumer.

Normal goods-A normal good is one whose demand increases as people's incomes or the economy rise. A normal good is defined as having an income elasticity of demand coefficient that is positive, but less than one. Sorry, the video player failed to load.