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14 March, 17:25

Which kind of good might not be bought when price rise?

complement

substitute

luxury

inferior good

+4
Answers (2)
  1. 14 March, 19:26
    0
    That would be luxury.
  2. 14 March, 19:40
    0
    luxury

    Explanation:

    In case of inferior goods the income effect will work in opposite direction to the substitution effect. When price of an inferior good falls, its negative income effect will tend to reduce the quantity purchased, while the substitution effect will tend to increase the quantity purchased.
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