A. a normal good
B. a luxury
C. a necessity
D. an inferior good
Correct Answer:
Option D – an inferior good
Explanation
An inferior good is one whose demand drops when people’s incomes rise.
A. a normal good
B. a luxury
C. a necessity
D. an inferior good
Correct Answer:
Option D – an inferior good
Explanation
An inferior good is one whose demand drops when people’s incomes rise.
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