Question
Goods whose demand varies inversely with income are called ____ goods.
The correct answer is
Inferior
The correct answer is option 1. Inferior goods are those whose demand decreases as consumer income rises and vice versa.
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Important Questions from Consumer behaviour
In relation to theory of consumers behaviour, which of the following statements is INCORRECT?
The concept of consumer surplus was propounded by __________.
_____ have an income elasticity of demand of between 0 and +1.
According to ____ theory, a consumer will continue to buy such products that will deliver him the most utility or maximum satisfaction at relative prices.
Which of the following is true for a normal good when there is a decrease in consumer income?
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