Refer to the information provided in Figure 3.4 below to answer the question(s) that follow. Figure 3.4
-Refer to Figure 3.4. If consumer income falls, the demand for tuna fish sandwiches shifts from D₀ to D₁. This implies that tuna fish sandwiches are a(n)

Question

Refer to the information provided in Figure 3.4 below to answer the question(s) that follow.

Figure 3.4
-Refer to Figure 3.4. If consumer income falls, the demand for tuna fish sandwiches shifts from D₀ to D₁. This implies that tuna fish sandwiches are a(n)

Quizplus · Accepted Answer

When consumer income falls and the demand for a product increases (as indicated by the shift from D₀ to D₁), the product is considered an inferior good. This is because demand for inferior goods typically rises when income decreases.

Refer to the Information Provided in Figure 3