If bread is an inferior good, then an increase in income will lead to decrease in the demand.TrueFalse
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Solution 1
True
If bread is an inferior good, an increase in income will lead to a decrease in the demand for bread. This is because, for inferior goods, demand decreases as income increases, as consumers tend to buy more of higher-quality substitutes. Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem. Knowee AI is a powerful AI-powered study tool designed t
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