Question

When you get hired for a well-paying job, you will most likely view older used cars as complementary goods. normal goods. substitute goods. inferior goods.

Answer 1

When you get hired for a well-paying job, you will most likely view older used cars as inferior goods.

What are inferior goods?

As consumer income rises, customer demand declines for a class of inferior goods. Low-cost alternatives to "normal products," or necessities like food and household supplies, are frequently found in inferior goods. For instance, when someone's wage is cut, they might buy cheaper, poorer things than they would otherwise. When their earnings increases again, they're more likely to buy regular things rather than cheap ones.

The word "inferior" refers to the product's price and perceived worth rather than its quality. The quality may occasionally be inferior to an equivalent standard good, but it may also occasionally be the same. In reality, there are occasions when the only distinctions between regular goods and equal substandard goods are the packaging and price of the goods.

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