Inferior good: Difference between revisions
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==Definition== | |||
An inferior good is one that people buy less of as their income increases. Any product whose demand falls as people's incomes rise is an inferior good. They may also be associated with people from lower socioeconomic backgrounds. | |||
Revision as of 16:08, 14 November 2022
Definition
An inferior good is one that people buy less of as their income increases. Any product whose demand falls as people's incomes rise is an inferior good. They may also be associated with people from lower socioeconomic backgrounds.
Author: Sonia María Soriano Marín
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