What is an inferior product?
A)It is a product which consumers buy more of as their incomes increase.
B)It is a product which consumers buy less of as their incomes increase.
C)It is a product which consumers buy less of as their incomes decrease.
D)It is a low-quality luxury product.

Question

Quizplus · Accepted Answer

An inferior product is a product which consumers buy less of as their incomes increase. This is because consumers choose to purchase higher quality products when they can afford to do so.

What Is an Inferior Product