Question

What are products that consumers demand less of when their income rises

Answer 1

Answer:

The answer is d.inferior goods.

Explanation:

Inferior goods show an inverse relationships with the income level. When the income increase, the demand decreases and when the income decrease, the demand for such good increases.

However, there are certain types of inferior goods, such as "giffen goods" that contradicts this relationship but such scenarios are rare.

Answer 2

Answer:

what are products that consumers demand less of when their income rises

Products that consumers demand less when their income rises are referred to as inferior goods

Explanation:

It is a natural phenomenon in economics that when there is an income rise from the consumers end, it changes their taste for a higher one which makes demand for some goods less and tagged them as being inferior