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Foreıgn Trade
Foreıgn Trade Deneme Sınavı
Foreıgn Trade Deneme Sınavı Sorusu #1391453
Foreıgn Trade Deneme Sınavı Sorusu #1391453
Which one of the following terms is used for the circumstance when the demand for a certain commodity decreases while the income increases?
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Income inelastic demand |
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Income elastic demand |
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Inferior goods |
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Product differentiation |
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Product cycle |
Yanıt Açıklaması:
Inferior goods: It refers to the circumstance when the demand for a certain commodity decreases while the income increases. Potatoes and rice can be taken as examples for inferior goods. Inferior goods are the commodities that low-income consumers demand (Parkin, 2005, p. 90)
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