Inferior goods are low quality goods that people prefer to buy less of.

Name: Inferior goods are low quality goods that people prefer to buy less of.
Brand: Quizplus
Rating: 4.9 (55 reviews)

Question

Quizplus · Accepted Answer

Inferior goods are not necessarily low quality goods, but rather goods that people buy less of when their income increases. This may include generic brands, fast food, or public transportation. The demand for these goods decreases when consumers have more disposable income and can afford higher quality options.

Inferior Goods Are Low Quality Goods That People Prefer to Buy