Whose quality is low
Consumed by very poor people
Whose consumption falls when cunsumers' income rises
Which satisfy only the basic needs
None of the above
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Discussions (72)
Correct.Eg a worker earn N20,000 monthly 4 him to economic is income proply e has to buy a cheap good, usin a mobile phone as a piont of view, he has to a nokia phone but wen is salary increase e will prefer a blackbery or iphone compar to a nokia
Inferior goods is an example of "negative income elasticity of demand" and is also d cause dat give rise to exceptional demand or abnormal demand... Which is consumed by a lower income earner but when there income increases, there shift to a better or another subtitutes of such commodities due to their increase in income and dis will therefore cause a fall in d consumption of such commodities.... E.g cassave in West Africa and potatoes and used clothing in Britain and the U. S. A.
examples of inferior goods are garri. dey are also called giffen goods while goods which demand rises as income rises are called ostentasious goods e.g gold, diamond, luxuries
They are goods consumed becos of low income earning, when an individual income rises he/she stop consuming the good.
At balongun adebayo no,Bt rather they r dose goods in which as d income of a consumer begins 2 increase d purchase or quantity demanded bgins 2 drop and it leads 2 a shift in d demand curve of such good n create an exceptional or abnormal demand curv
yes, dats d correct ansa c, bcos wen an individual's salary increases 4rm 10,000 2 80,000 his taste will absolutely change, he wud nt like 2 purchase d inferior goods, he wud always lyk 2 go 4 d latest. Bt i dnt tink garri is an inferior good bcos even d bougezies eat garri. Tnx.
since it is an essential qoods,ppu are bound to buy eit#the poor people#..irrespective of the chanqes in price,sumtin dey cant do without
d Ansa is correct Bcos d consumption of dis goods falls wen d income of d consumer increases nd d are also call giffen goods. Eg garri
the correct answer is b,it is when d incm riz d consumer d minimiz consumption level becuse he knw d rght to b selective.