what do you mean by an inferior good .Give some example
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Explanation:
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. ... Hence jowar, whose demand has fallen due to an increase in income, is the inferior good and wheat is the normal good.
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Answer:
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. ... Hence jowar, whose demand has fallen due to an increase in income, is the inferior good and wheat is the normal good.
Explanation:
Other examples of an inferior good are no-name grocery store products such as cereal or peanut butter. Consumers may use the cheaper store brand products when their incomes are lower, and make the switch to name brand products when their incomes increase.
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