During the economic downturn in 2008, the demand for steak decreased and the demand for sausages increased. This suggests sausages are a/n __________good and steak is a__________ good.

Question

Quizplus · Accepted Answer

During an economic downturn, people tend to buy less expensive alternatives, indicating that sausages are an inferior good (demand increases as income decreases) and steak is a normal good (demand decreases as income decreases).

During the Economic Downturn in 2008, the Demand for Steak