When a consumer's income level falls, it is MORE likely the consumer will purchase _____ goods.

Name: When a consumer's income level falls, it is MORE likely the consumer will purchase _____ goods.
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Question

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When a consumer's income level falls, they are more likely to purchase inferior goods, which are cheaper alternatives to the normal goods they would have purchased at a higher income level. Examples of inferior goods include generic brands, used goods, and fast food instead of restaurant dining.

When a Consumer's Income Level Falls, It Is MORE Likely