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- Subject
- Marketeconomics-mcqs › market
- Published
- 31 May 2019
- Last updated
- 28 May 2026
If rising consumer income causes the demand for camping gear to fall, how would you classify camping gear?
Multiple choice question for Market. Select an option, then review the explanation below.
Explanation
When an increase in income results in a lower demand for a product, that product is known as an inferior good. Normal goods experience higher demand as income rises, while substitutes are goods that can replace each other.
More Market MCQs
Practice related questions from the same subject.
- 1.Broadcasting firms use satellite TV subscriptions and signal detection tools primarily to combat which issue?
- 2.Which of the following is a classic example of a public good?
- 3.Which of the following factors can lead to market failure?
- 4.When a neighbor burns yard debris and smoke enters your home, what type of externality does this represent?
- 5.Why is a competitive equilibrium considered Pareto efficient?