WAEC Economics 2019 Objective — Question 9
Question 9 of 50 from the West African Examinations Council (WAEC) Economics 2019 Objective paper, with the correct answer and a full explanation.
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If less of a good is bought as one's income increases, such good is
- A. a normal good
- B. a luxury
- C. a necessity
- D. an inferior goodCorrect
Explanation
An inferior good has a negative relationship with consumer income — as income rises, quantity demanded of the good falls, and vice versa.
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