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Because alcohol consumption goes up when an economy goes down, alcohol is indeed an inferior good from an economics standpoint.
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∙ 11y ago
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Increase in price of inferior good?
Inferior goods are goods that the consumer in a sense does not need to continue using. In other words, he buys it because it's cheap. So if the price increases, he will find the next cheapest item and switch to it. Also, if your income rises, you may feel that the inferior good is "too cheap" for you and switch to something more expensive. As an example, you buy Internet from Verizon because of the cheap cost. If Verizon raises their rates, then you may switch to Comcast.
How much does it cost for a waitress to obtain a license to serve alcohol?
I have never known a waitress to need a license for alcohol, it is the business that carries the alcohol license.
Can 2nd mortgage collect after auction?
No. Once the first mortgage or deed of trust is foreclosed, the second mortgage and any inferior liens are voided.
What countries have the highest taxes on alcohol?
sweden
Why does every country have import duty restrictions?
so that inferior,cheap ,low quality products and services are not brought from another country to collapse the domestic market.
When people buy less of a good as their income increases the good is considered what?
inferior
Are chips and salsa an inferior or normal good?
they can be a normal good ou inferior good its depend where has more demand.
Why don't they sell alcohol after 2 AM?
they do in my state. your state is inferior. rules are rules.
Is coffee an inferior good?
no
How do you show that in a two good world neither good is inferior?
If the income elasticity of demand is negative for both goods, then they are both not inferior goods.
Can you put inferior in a sentence?
In my opinion the PlayStation 3 is a far inferior system to the Xbox.Don't feel inferior, you played just as good as him, and you were really unlucky not to win.That hot dog is of inferior quality.
Another way of saying not as good as?
inferior to
What's an inferior good?
poor quality
What are the different types of goods?
Luxury Good, Normal Good, and Inferior Good.
When people buy more of a certain good this good is considered what?
The answer is inferior
Type of good whose demand falls when income increases?
inferior good
Is there a difference between a normal good and inferior good?
Yes, a normal good is a good that's demand increases as your income increases, an inferior good is a good that's demand decreases when income increases. An example of a normal good, is easy to find, most goods are normal, meaning you want more of them when you have more money. An inferior good is something like fast food, as you earn more income, you will usually demand less of it.
