For inferior goods an increase in income will cause the


Asked by admin @ in Advanced Placement (AP) viewed by 433 People


For an inferior good, an increase in consumer income will cause

A. the demand curve to shift to the left
B. the demand curve to shift to the right
C. the short-run supply curve to shift to the right
D. the long-run supply curve to shift to the right
E. new firms to enter the market in the long run

Answered by admin @



Answer:

A. the demand curve to shift to the left

Explanation:

For an inferior good, an increase in consumer income will cause the demand curve to shift to the left

An inferior good is a type of good whose demand falls or decrease as a result of an increase in the income of consumers.

When consumers income increases, they tend to substitute inferior goods for a more expensive good.

An inferior good is more cheaper. Consumers substitute cheap goods for expensive ones when their income increases because they believe expensive goods has better quality than a cheap good.


Similar Questions

The distinction between a normal and an inferior good is

Asked by admin @ in Business viewed by 250 persons

The distinction between a normal and an inferior good is A. normal goods are used together while inferior goods are used for the same purposes. B. normal goods are used …

Which of the following causes a shortage of a good

Asked by admin @ in Economy viewed by 316 persons

Which causes a shortage of a good a price ceiling or a price flooring what causes a surplus explain with suitable diagrams?

Overcoming fixed mindset: a step-by-step guide to cultivating a growth mindset

Asked by wiki @ in Health viewed by 1080 persons

Which of the following would best complete this list?

Asked by wiki @ in Social Studies viewed by 616 persons

What had the king decided to do before he saw the spider

Asked by vanshika149 @ in English viewed by 958 persons

Describe the karez in your own words

Asked by rajesh064 @ in English viewed by 1087 persons

What is 8 + (x + 5)?

Asked by jaylord7 @ in Mathematics viewed by 933 persons

What is the topic of the info grapher

Asked by jesus643 @ in History viewed by 1179 persons

Elephant kills 11 in nepal , woman rescued from a friendly dolphine

Asked by kavin044 @ in English viewed by 1092 persons

(-3,0);slope =2/3

Asked by timothy2 @ in Biology viewed by 1235 persons

Which is an example of situational irony in "wherefore art thou romeo?”

Asked by noah5213 @ in English viewed by 1332 persons

Most viewed questions in Advanced Placement (Ap)


Core periphery models are generally based on the idea that

Asked by admin @ in Advanced Placement (AP) viewed by 669 persons


Truck drivers probably cannot see your vehicle if you cannot

Asked by admin @ in Advanced Placement (AP) viewed by 582 persons



The size of the senate is set at 435 members

Asked by admin @ in Advanced Placement (AP) viewed by 485 persons


James brown say it loud i m black and i m proud

Asked by admin @ in Advanced Placement (AP) viewed by 447 persons



Ladies and gentlemen boys and girls children of all ages

Asked by admin @ in Advanced Placement (AP) viewed by 446 persons



For inferior goods an increase in income will cause the

Asked by admin @ in Advanced Placement (AP) viewed by 433 persons


How to write a recursive equation for a quadratic function

Asked by admin @ in Advanced Placement (AP) viewed by 419 persons



The worst mistake in the history of the human race

Asked by admin @ in Advanced Placement (AP) viewed by 414 persons


What is the average reading rate for middle school students

Asked by admin @ in Advanced Placement (AP) viewed by 413 persons