Which of the following do you think most people would consider an inferior good? A steak...

Question

Question

Which of the following do you think most people would consider an inferior good? A steak A Lexus A can of Vienna Sausage A ticket to a rock concert

business economics

Answer 1

Answer #1

Inferior goods are those whose consumption decreases as the income rises

It does not follow the law of demand

A steak is a high-quality beef so it cannot be an inferior good

A Lexus is an expensive car so people will love to buy with a rise in income

Same for the rock concert

But a can of Vienna sausage is low-quality intestine of sheep, so it is an inferior good because people will not buy it with rise in income

Answer 2

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