Which of the following is most likely to be an inferior good?

Question

Quizplus · Accepted Answer

Used clothing is most likely to be an inferior good as consumers tend to buy more of it when their income decreases. As they have less money to spend, they look for cheaper alternatives which could mean buying used clothing instead of new ones. Gold watches and ocean cruises are luxury goods, which means people buy more of them as their income increases. Steak is a normal good, as its demand increases with an increase in income.

Which of the Following Is Most Likely to Be an Inferior