Question

Explain the difference between normal and inferior goods

Answer 1

Answer:

In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand increases when consumer income decreases), unlike normal goods, for which the opposite is observed. Normal goods are those goods for which the demand rises as consumer income rises.

Explanation:

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Answer 2

Answer:

Normal goods are the goods whose demands go up with the increase in consumer's revenue while inferior goods are goods whose demands falling with the rise i consumer's revenue

Normal goods are positive while inferior goods are negative

Normal goods prices are low while inferior goods prices are high

Explanation:

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