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WAEC Economics 2025 Question 33

Question 33

Theory of Demand

Commodities with negative income elasticities of demand are categorized as

  1. A.normal goods.
  2. B.inferior goods.
  3. C.complementary goods.
  4. D.substitute goods.
Show the answer and explanation

Answer: B (inferior goods.)

Explanation

Demand for inferior goods falls as income rises.