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Akira McCoy
on Oct 12, 2024

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Goods for which demand is indirectly (negatively) related to income are called

A) substitute goods.
B) complementary goods.
C) inferior goods.
D) normal goods.

Inferior Goods

Inferior goods are products whose demand decreases as consumer income rises, opposite to normal goods.

Demand

The amount of a product or service that buyers are prepared and capable of buying at different price levels over a specific time frame.

Income

Earnings acquired on a consistent basis through employment or investments.

  • Understand the difference between normal goods and inferior goods as income levels change.
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Natalie InsinnaOct 14, 2024
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