If the economy goes into a recession and incomes fall, what happens in the markets for inferior goods?.

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09-02-2022
Business

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If the economy goes into a recession and incomes fall, what happens in the markets for inferior goods?.

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ewomazinoade ewomazinoade · Answer 1 · 2022-02-18T11:17:27+01:00

When there is a recession and a fall in income, in the markets for inferior goods, demands increase.

What are inferior goods?

Inferior goods are goods whose demand falls when income rises and increases when income falls.

What is a recession?

A recession is when there is a negative gross domestic product for four consecutive periods. When there is a recession, there is a decline in productivity in the economy.

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