WAEC Economics 2020 Objective — Question 9
Question 9 of 50 from the West African Examinations Council (WAEC) Economics 2020 Objective paper, with the correct answer and a full explanation.
Advertisement
Goods are described as inferior if their demand
- A. decreases as price falls
- B. increases as income rises
- C. decreases as income increasesCorrect
- D. increases as price increases
Explanation
An inferior good is one whose demand decreases as consumer income increases, as consumers switch to superior substitutes.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.