Multiple Choice Questions on For what type of good does demand fall with a rise in income levels of households ........ for SEBI Grade A ( Officer) Exam Preparation

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Multiple Choice Questions

For what type of good does demand fall with a rise in income levels of households ........

Economics- Phase (I & II) Demand and Supply for Money 
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    For what type of good does demand fall with a rise in income levels of households?

    Inferior goods

    Correct Answer

    Substitutes

    Incorrect Answer

    Luxuries

    Incorrect Answer

    necessities

    Incorrect Answer
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    Explanation:

    Inferior Goods: Goods are said to be inferior goods if its demand falls with increase in income of the consumer. Thus there is an inverse relationship between income and demand of inferior goods.

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