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If a producer knew his product to be an inferior good and he also knew average household income was ...

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If a producer knew his product to be an inferior good and he also knew average household income was ...

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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Microeconomics

Edition: 17^th

Author: Ragan

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