What do you mean by an ‘inferior good’? Give some examples.

1.	What do you mean by an ‘inferior good’? Give some examples.
Answer» Inferior good: Those goods that share an inverse relationship with their prices and with the income of a consumer are called inferior goods. That is, If the price of a good (P_x) increases, then the demand for the good (D_x)decreases. If a consumer’s income (M) increases, then the demand for good increases. Examples: Coarse cereals, birds, etc.

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What do you mean by an ‘inferior good’? Give some examples.

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