Inferior good

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APPARENT COUNTEREXAMPLE: The topic of this article is an apparent (or possibly real) counterexample to a generally accepted law or principle of economics.
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Definition

An inferior good is a good for which there is a close substitute that is both better in quality and more expensive (The latter good is therefore superior). For this reason, in a certain income range, the demand for an inferior good goes down when income increases.

Relation with other properties

Stronger properties

Opposite properties