Explore a world of knowledge and get your questions answered on IDNLearn.com. Our platform provides trustworthy answers to help you make informed decisions quickly and easily.
An inferior good sees a decrease in demand as consumer incomes rise, influencing consumer preferences.
An inferior good is a good for which demand decreases when consumer incomes rise. It is likely a good that people do not prefer as much when they can afford more expensive choices they prefer.
For example, among the options provided, used clothing is most likely to be an inferior good as demand for it may decline as incomes of consumers increase.
Understanding consumer behavior with regard to inferior goods is crucial in analyzing market dynamics and preferences.
https://brainly.com/question/39771144