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Author Question: If a producer knew his product to be an inferior good and he also knew average household income was ... (Read 55 times)

Gabby

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If a producer knew his product to be an inferior good and he also knew average household income was falling, he might
◦ cut output immediately because the demand for his product would surely fall.
◦ increase output because the demand for his product would rise.
◦ keep his output the same.
◦ decrease output because the demand for his product would rise.
◦ close down, because inferior goods are the first to be eliminated from household budgets when income falls.


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Marked as best answer by Gabby on Oct 12, 2022

BryanAultm

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Gabby

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review


olderstudent

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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