Inferior good

noun

noun ·Rare ·Advanced level

Definitions

Noun
  1. 1
    A good that decreases in demand when consumer income rises; having a negative income elasticity of demand.

    "Cheap, low-quality goods (such as canned food) are inferior goods for many people. The more money they have, the less they purchase those goods."

Example

More examples

"Cheap, low-quality goods (such as canned food) are inferior goods for many people. The more money they have, the less they purchase those goods."

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