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Which of the following is an example of an 'inferior' good? a) Pawnbroking services b) The Daily Star newspaper c) Coca-Cola d) Cigarettes

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Question added by Vinod Jetley , Assistant General Manager , State Bank of India
Date Posted: 2015/02/27
Pat Hawkins
by Pat Hawkins , Procurement Specialist , Valiant Integrated Services

a) Pawnbroking services

 

'Inferior' good refers not to some statement of quality, but the fact that as consumers get richer, they tend to buy less of the product and more of a more expensive product. Pawnbroking services are often associated with poverty, so as individuals become richer, they are less likely to need these services, and may trade up to other banking services.    

Wasi Rahman Sheikh
by Wasi Rahman Sheikh , WAREHOUSE SUPERVISOR , AL MUTLAQ FURNITURE MFG

Agreed with experts answer<<<<<<<<<<<<<<<

Deleted user
by Deleted user

With Mr.vinod answer

Thanks

Vinod Jetley
by Vinod Jetley , Assistant General Manager , State Bank of India

a) Pawnbroking services

is the answer

Nasir Hussain
by Nasir Hussain , Sales And Marketing Manager , Pakistan Pharmaceutical Products Pvt. Ltd.

The right answer is 

a) Pawnbroking services

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