The economists at JET Consulting consider Campbell's Soup to be an inferior good.During a recession,when the income in the economy is decreasing,economists at JET Consulting would expect the demand curve for Campbell's Soup to shift to the ________,causing the equilibrium price to ________ and the equilibrium quantity to ________.

Question

Quizplus · Accepted Answer

Inferior goods see an increase in demand when incomes fall. During a recession, as incomes decrease, the demand curve for Campbell's Soup would shift to the right, leading to an increase in both equilibrium price and quantity.

The Economists at JET Consulting Consider Campbell's Soup to Be