If a turnip is an inferior good, then, ceteris paribus, an increase in the price of a turnip will

Name: If a turnip is an inferior good, then, ceteris paribus, an increase in the price of a turnip will
Brand: Quizplus
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Question

Quizplus · Accepted Answer

If turnips are an inferior good, then they have a negative income elasticity of demand, meaning that as income increases, the demand for turnips decreases. Therefore, an increase in the price of turnips will lead to a decrease in the quantity of turnips demanded (movement up the demand curve).

If a Turnip Is an Inferior Good, Then, Ceteris Paribus