Which of the products described below is mostly likely considered an inferior good?
A)At lower prices people consume higher quantities of shredded wheat.
B)As incomes increase canned meat product consumption falls.
C)The higher the price of jeans the higher the demand for jeans.
D)The lower the price of jeans the more the demand for shirts.

Question

Quizplus · Accepted Answer

An inferior good is a good where demand decreases as income increases. Canned meat products are generally considered to be a cheaper and lower-quality type of meat, so as incomes increase people may switch to higher-quality meats, causing demand for canned meat products to fall.

Which of the Products Described Below Is Mostly Likely Considered