Which of the following correctly describes the elasticities associated with an inferior good?

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Price elasticity of demand is negative; income elasticity of demand is negativePrice elasticity of demand is positive; income elasticity of demand is negativePrice elasticity of demand is negative; income elasticity of demand is positivePrice elasticity of demand is positive; income elasticity of demand is positiveNone of the above

Explanation

For an inferior good, the price elasticity of demand is negative, indicating that demand decreases as price rises. Additionally, the income elasticity of demand is negative, meaning demand falls as consumer income increases.