If the price of a product goes up by 10% and the quantity demanded goes up by 20% the product is an inferior good.

select the best answer from the choices provided

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f

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False

Explanation:

The reason why "false" would be the correct answer is because in this situation, this would not be an inferior good. The reason why this wouldn't be an inferior good is because an inferior good occurs when a product, or good's demand decreases, while the income increases. In the question is says that the price goes UP by 10% and the demand goes UP by 20%. This would be known as a "Giffen Good." It's a giffen good because both the demand and price of the product increases. If the demand for the product decreases and the price increases in this, then it would be a inferior good, but the demand only increases. This is the reason why "false" would be the correct answer.

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