For inferior goods an increase in income will cause the

Asked by admin @ 09/11/2021 in Advanced Placement (AP) viewed by 451 People

For an inferior good, an increase in consumer income will cause

A. the demand curve to shift to the left
B. the demand curve to shift to the right
C. the short-run supply curve to shift to the right
D. the long-run supply curve to shift to the right
E. new firms to enter the market in the long run

Answered by admin @ 09/11/2021

Answer:

A. the demand curve to shift to the left

Explanation:

For an inferior good, an increase in consumer income will cause the demand curve to shift to the left

An inferior good is a type of good whose demand falls or decrease as a result of an increase in the income of consumers.

When consumers income increases, they tend to substitute inferior goods for a more expensive good.

An inferior good is more cheaper. Consumers substitute cheap goods for expensive ones when their income increases because they believe expensive goods has better quality than a cheap good.

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For inferior goods an increase in income will cause the

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