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<html><body><h2 id="content-id-8517496203-2"><b>Concepts Of Demand And Supply Questions Overview</b></h2><p>Concepts Of Demand And Supply Questions have a good weightage in the Ssc Cgl Exam and the type of question asked in Ssc Cgl exam is similar to the question mentioned below. It has been solved and explained by KD Live Experts under the guidance of Neetu Mam and they have tried to elaborate the concept used in Concepts Of Demand And Supply Questions.</p><h2 id="content-id-3509726148-3"><b>Question On Concepts Of Demand And Supply </b></h2>The income elasticity of demand for inferior goods is:
<div class="row show--dificulty--bar" style="margin-top:8px;"><div class="col-sm-6 show--dificulty--bar" style="display:inline-flex !important;border-right:0.1px solid #eee;"><h3 style="font-size:12px !important;">Difficulty : Moderate </h3></div><div class="col-sm-6 show--dificulty--bar" style="display:inline-flex;"><h3 style="font-size:12px !important;"> Average Time : 33 Seconds </h3></div></div><h2 id="content-id-3608957412-4"><b> Concepts Of Demand And Supply Questions Options</b></h2><ol><li><p>Less than one</p>
</li><li><p> Less than zero</p>
</li><li><p>Equal to one</p>
</li><li><p>Greater than one</p>
</li></ol> <h2 id="content-id-8236745091-5"><b> Concepts Of Demand And Supply Questions Solution</b></h2><p>The correct answer is<strong> Option 2, </strong>i.e.<strong> Less than zero</strong></p>

<p>The income elasticity of demand for inferior goods is less than zero (negative). This means there's an inverse relationship between income and the quantity demanded of these goods. As consumer income rises, the demand for inferior goods falls, because consumers switch to higher-quality, more preferred alternatives. Conversely, if income decreases, the demand for inferior goods tends to increase.</p>
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