What happens to the equilibrium price and quantity of good x (an inferior good) if consumer income rises?

Name: What happens to the equilibrium price and quantity of good x (an inferior good) if consumer income rises?
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Question

Quizplus · Accepted Answer

When consumer income rises, demand for an inferior good (good x in this case) decreases because consumers tend to buy more of a superior good instead. This decrease in demand leads to a lower equilibrium price and quantity for the inferior good.

What Happens to the Equilibrium Price and Quantity of Good