Inferior-good Definition

noun

(economics) A good that decreases in demand when consumer income rises; having a negative income elasticity of demand.

Cheap, low-quality goods (such as canned food) are inferior goods for many people. The more money they have, the less they purchase those goods.

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other

Giffen good.

Wiktionary

Other Word Forms of Inferior-good

Singular:

inferior-good

Plural:

inferior goods

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