In view of the fact that kerosene is an inferior good in India, what is/are its implication(s)? 1. As households get richer, they consume less kerosene. 2. Over

Question

In view of the fact that kerosene is an inferior good in India, what is/are its implication(s)?
1. As households get richer, they consume less kerosene.
2. Over time there is a decline in quality of kerosene.
3. Government needs to stop subsidies on kerosene.
Select the correct answer using the codes given below

Accepted Answer

(A) Only 1

Answer

(B) 1 and 2

Answer

(C) 2 and 3

Answer

(D) 1, 2 and 3