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3 September, 14:01

What are the inferior goods?

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  1. 3 September, 14:52
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    An inferior good is a type of good for which demand declines as the level of income or real GDP in the economy increases. This occurs when a good has more costly substitutes that see an increase in demand as the society's economy improves.

    Coffee is a good example. A McDonald’s coffee can be an inferior good compared to Starbucks coffee. Another example of an inferior good is off-brand grocery store products such as cereal or peanut butter.
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