Incomes rise and shoppers buy fewer generic groceries. Generic groceri…

Question

Incomes rise and shoppers buy fewer generic groceries. Generic groceries are therefore an:

Accepted Answer

C. Inferior good

1. Again the test is the response of demand to rising income.
2. Here demand falls as income rises.
3. So generic groceries are an inferior good.
_Source: OpenStax Principles of Microeconomics 3e, Chapter 3, Demand and Supply._

Answer

Internal good

Answer

Informal good

Answer

Interim good

Incomes rise and shoppers buy fewer generic groceries. Generic groceries are therefore an:

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