Difference between revisions of "Inferior good"
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An inferior good is something that people demand less of when their income increases. An example of an inferior good would be White Castle for their cheap hamburgers. As one's income increases, he can afford McDonalds! | An inferior good is something that people demand less of when their income increases. An example of an inferior good would be White Castle for their cheap hamburgers. As one's income increases, he can afford McDonalds! | ||
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Revision as of 00:50, July 17, 2007
An inferior good is something that people demand less of when their income increases. An example of an inferior good would be White Castle for their cheap hamburgers. As one's income increases, he can afford McDonalds!