If the demand for beans tends to decline as incomes rise,everything else held constant,beans are _____.
A)a luxury good
B)a normal good
C)price sensitive
D)not price sensitive
E)an inferior good

Question

Quizplus · Accepted Answer

An inferior good is a type of product whose demand decreases as consumer income rises. Beans are considered an inferior good because consumers tend to purchase more expensive and higher-quality food items as their income increases, thus decreasing their demand for beans.

If the Demand for Beans Tends to Decline as Incomes