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Inferior goods are referred to in Economics as goods

Economics
JAMB 1978

Inferior goods are referred to in Economics as goods

  • A. Whose quality is low
  • B. Consumed by very poor people
  • C. Whose consumption falls when cunsumers' income rises
  • D. Which satisfy only the basic needs
  • E. None of the above
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Correct Answer: Option C
Explanation

In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand increases when consumer income decreases)

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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Join your school's WhatsApp group
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Join your school's WhatsApp group
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789