Trusted by Students Everywhere
Why Choose Us?
0% AI Guarantee

Human-written only.

24/7 Support

Anytime, anywhere.

Plagiarism Free

100% Original.

Expert Tutors

Masters & PhDs.

100% Confidential

Your privacy matters.

On-Time Delivery

Never miss a deadline.

The term inferior goods refers to what kind of goods?

Economics Dec 17, 2020

The term inferior goods refers to what kind of goods?

Expert Solution

Inferior goods refer to goods, and even services, that are consumed or availed less by the market in the event that people's income increases. Generally, there exists an increased consumption of almost all goods and services once a person receives an increase in salary. However, goods like hand-me-downs, thrift items, fake or imitation goods and canned foods are consumed less. That's precisely why these are called 'inferior' goods--because people see them as second-class. For instance, the moment people earn more money, they usually aim for the brand-name chips (not the generic brand), or they prefer the first-use items over hand-me-downs.

Archived Solution
Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In
Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution
Get Custom Quote
Secure Payment