Assuming that shoe repair services are an inferior good, an increase in consumer income, other things being equal, will cause a(n):

Name: Assuming that shoe repair services are an inferior good, an increase in consumer income, other things being equal, will cause a(n):
Brand: Quizplus
Rating: 4.9 (50 reviews)

Question

Quizplus · Accepted Answer

An inferior good is a good for which demand decreases as income increases. Therefore, an increase in consumer income would lead to a decrease in demand for shoe repair services, causing a leftward shift in the demand curve.

Assuming That Shoe Repair Services Are an Inferior Good, an Increase