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24 July, 14:50

An inferior good is best defined as a product for which the:

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  1. 24 July, 17:18
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    As a term in economics, "inferior goods" are those whose quantity of demand becomes less when the income generated by the consumers become more or increased. This is an opposite of the "normal goods" whose quantity or demand increases as the generated income of the populace is increased. These goods are those which are substitute only of much more expensive goods and are patronize only when the income is less.
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