Question

Fall in demand due to fall in incom give economic term
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Answer 1

Answer:

An inferior good is an economic term that describes a good whose demand drops when people's incomes rise. These goods fall out of favor as incomes and the economy improve as consumers begin buying more costly substitutes instead.

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Answer 2

Explanation:

An inferior good is an economic term that describes a good whose demand drops when people's incomes rise. These goods fall out of favor as incomes and the economy improve as consumers begin buying more costly substitutes instead.