What happens to the demand for a previously normal good if a cheaper alternative becomes available?

Inferior goods are products that are lesser in quality and cheaper in price. They act differently than normal goods because when incomes increase, the demand ... Sep 27, 2019 ... ... good is normal, inferior or Giffen good. Interestingly, with this ... Inferior good, Giffen good, equilibrium price. Subjects: D ... Jun 10, 2011 ... Or to put this in econo-jargon: Are kids normal or inferior goods? (Reminder: When you get rich you buy more of a “normal good,” and less of an ... Nov 14, 2018 ... A normal good has positive and an inferior good has negative elasticity of demand. Your disposal income is limited which you must spend after prioritizing your ... EzyEducation provides lecture videos, automated assessments & extensive answer feedback to help GCSE Maths, GCSE Science, A level Business Studies & A level ... Suppose that bananas are an inferior good and that apples are a normal good. If there is an increase in the price of bananas, which of the following ... Apr 29, 2010 ... Smoking, as a habit, seems to be an inferior good—the higher your income, the less of it you do. But this is really remarkable. A pack of ... The inferior good is those good whose demand fall with the fall in consumer's income. The normal goods are expensive than the inferior goods. 02. Explanation ... Mar 4, 2025 ... What are inferior goods? An inferior good is a commodity that people buy less of when their income rises. Inferior goods are low-quality ... Jan 28, 2024 ... If a good has an income elasticity of demand greater than 1 is the good a normal good or an inferior good? Isdemand for this good income ...