Question

Good Y is an inferior good. If the average income of those who buy good Y rises, the _____________ curve for good Y will shift ____________ resulting in a(n) _____________ in the equilibrium price of Y and a(n) ____________ in the equilibrium quantity of Y.

Answer 1

Answer:

a demand; leftward; decrease; decrease

Explanation:

Complete answers:

Good Y is an inferior good. If the average income of those who buy good Y rises, the demand curve for good Y will shift leftward resulting in a decrease in the equilibrium price of Y and a decrease in the equilibrium quantity of Y.