inferior product

a good or service for which the INCOME ELASTICITY OF DEMAND is negative; i.e. as income rises, buyers purchase less of the product. Consequently when the price of such a product falls, thereby effectively increasing consumers’ real income, then that price cut will have the INCOME EFFECT of tending to decrease the quantity demanded. This will tend to partially offset the SUBSTITUTION EFFECT of a price cut, which causes consumers to buy more of the product because it is now relatively cheaper. This applies to a very limited range of products. See PRICE EFFECT, NORMAL PRODUCT, INCOME CONSUMPTION CURVE, ENGEL'S LAW.

单词	inferior product
释义	inferior product inferior product a good or service for which the INCOME ELASTICITY OF DEMAND is negative; i.e. as income rises, buyers purchase less of the product. Consequently when the price of such a product falls, thereby effectively increasing consumers’ real income, then that price cut will have the INCOME EFFECT of tending to decrease the quantity demanded. This will tend to partially offset the SUBSTITUTION EFFECT of a price cut, which causes consumers to buy more of the product because it is now relatively cheaper. This applies to a very limited range of products. See PRICE EFFECT, NORMAL PRODUCT, INCOME CONSUMPTION CURVE, ENGEL'S LAW.
随便看	wood ducks wood ear wood echo wooded wood, edith elmer wood, edward frederick lindley wood effect wood elf wood elves (disambiguation) wooden wooden boat festival wooden bomb wooden canoe heritage association, ltd wooden chair wooden comb wooden combs wood energy technicians of british columbia wood engineering design wood engraver wood engravers wood engravers network wood engraving wood-engraving wooden-head woodenhead