A good is classified as inferior if:

Name: A good is classified as inferior if:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

An inferior good is a good for which demand decreases as income increases. In other words, when consumers have more money, they tend to buy less of this type of good. A classic example of an inferior good is generic or store-brand food products, which people may buy more of when they have less money, but switch to higher-quality, brand-name versions when they can afford to do so.

A Good Is Classified as Inferior If