Figure 4.4
-Figure 4.4 illustrates the demand for guitars.Assume guitars are an inferior good.An increase in income would bring about a movement from

Question

Quizplus · Accepted Answer

For an inferior good, an increase in income leads to a decrease in the quantity demanded. This is represented by a shift from a higher demand curve (D₁) to a lower demand curve (D₀), indicating that people are buying less of the inferior good as their income increases.

Figure 4.4 -Figure 4.4 Illustrates the Demand for Guitars.Assume Guitars Are an Are