Assuming that generic brands are inferior goods, an increase in consumer income, other things being equal, will cause a(n):

Question

Quizplus · Accepted Answer

An increase in consumer income typically leads to a decrease in the demand for inferior goods, as consumers opt for more expensive alternatives. This is represented by a leftward shift in the demand curve for generic goods, not a movement along the curve.

Assuming That Generic Brands Are Inferior Goods, an Increase in Consumer