If we assume the following scenario: as the average income of the consumer increases the demand for “fast” food decreases, then we can assume that…
CA Foundation · Business Economics · MTP · June 2024
If we assume the following scenario: as the average income of the consumer increases the demand for “fast” food decreases, then we can assume that "fast" food is:
Suggested Answer and Working Notes:
Correct Answer: Option (B)
B. an inferior good.
Topics: Theory of Demand and Supply
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