Chapter 1 – the market system - The Good, the Bad and ...
If food is an inferior good, then, as income increases, consumption falls. With constant prices, the extra income not spent on food must be spent on clothing. Therefore, as income increases, more is spent on clothing, i.e. clothing is a normal good. For both types of goods, normal and inferior, we still assume that more is preferred to less. 3. ................
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