If demand for a good falls as income rises, this is known as a:
A)normal good
B)inferior good
C)Giffen good
D)the law of demand

Name: If demand for a good falls as income rises, this is known as a: A)normal good B)inferior good C)Giffen good D)the law of demand
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Question

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If demand for a good falls as income rises, this is known as an inferior good. In the case of inferior goods, as income rises, people switch to buying higher-quality substitutes, leading to a decrease in demand for the inferior good.

If Demand for a Good Falls as Income Rises, This