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
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)