What is the term for those products whose demand will decrease as a result of an increase in income and will increase as a result of a decrease in income?
A)Normal products.
B)Complementary products.
C)Substitute products.
D)Inferior products.
E)Related products.

Question

Quizplus · Accepted Answer

These types of products are called inferior products. As consumers' income increases, they tend to switch to higher quality products or brands, resulting in a decrease in demand for inferior products. Conversely, if income decreases, consumers may choose to buy lower-priced goods, including inferior products, resulting in an increase in demand for them.

What Is the Term for Those Products Whose Demand Will