inferior good |
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Definition
Not a substandard-good, but the term in economics for an item for which income elasticity of demand is less than zero. As the consumers become monetarily better off (earn higher incomes), the demand for such goods (such as basic food) falls because consumers can now afford higher priced substitutes.
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inferior good is in the Economics, Politics, & Society subject.
inferior good appears in the definition of the following term: normal good
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