Give the meaning of ''inferior'' good and explain the same with th hel

1.	Give the meaning of ''inferior'' good and explain the same with th help of an example.
Answer» Solution :When with the rise in INCOME of a consumer, the consumer BUYS less quantity of a good, then that good is an inferior good for that consumer. SUPPOSE when the consumer's income rises. He buys less of coarse cloth and PURCHASES finecloth. Then for that consumer speciafically coarse cloth is an inferior good.

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