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WAEC Economics 2019 Question 8

Question 8

Theory of Demand

If less of a good is bought as one's income increases, such a good is

  1. A.a normal good.
  2. B.a luxury.
  3. C.a necessity.
  4. D.an inferior good.
Show the answer and explanation

Answer: D (an inferior good.)

Explanation

Demand for an inferior good falls when income rises.