inferior product

inferior product

a good or service for which the INCOME ELASTICITY OF DEMAND is negative; i.e. as income rises, buyers purchase less of the product. Consequently when the price of such a product falls, thereby effectively increasing consumers’ real income, then that price cut will have the INCOME EFFECT of tending to decrease the quantity demanded. This will tend to partially offset the SUBSTITUTION EFFECT of a price cut, which causes consumers to buy more of the product because it is now relatively cheaper. This applies to a very limited range of products. See PRICE EFFECT, NORMAL PRODUCT, INCOME CONSUMPTION CURVE, ENGEL'S LAW.
References in periodicals archive ?
In the blog post, OnePlus writes, "We saw that other brands were actually cutting corners to make an inferior product.
The newspaper industry's trend for Web width reduction and lower basis weight has given both the consumer and advertiser an inferior product.
The rice was packed in bags of well-known brands to delude customers into buying the inferior product at the high price of the original good quality grain.
God did not create a shoddy or inferior product, easily broken.
The head of the company, Barry Gilway, told an industry conference on Thursday, 'The Citizens product is an inferior product by design.
But other sources was less than enthusiastic about any increased prospects, citing industry politics and Apple's need to save face as much as possible and "keep moving forward in an effort to make its obviously inferior product better," the paper said.
Speaking of suppliers, retailers need to make sure they don't settle for an inferior product formulation when sourcing natural and organic products, says Mike Hackbarth, vice president, private label with the Fremont Co.
If stainless steel fixings were specified and an inferior product used, surely the construction company should be liable for the cost of putting this right - and not the public purse This building has been a nightmare from start to finish.
The KCFA has, since its inception, held the view that deceptively labeled blends damage the reputation of Kona coffee by misleading consumers into drinking an inferior product that they then associate with the Kona name, leading to a loss of perceived value, and actual value for Kona coffee farmers.
Say you wanted black pepper and wanted to pay a certain amount, they would add to it so you end up with an inferior product.
The quality of speeds outside major areas is of such poor quality, in my case 500K, that a number of people question paying the same for an inferior product.
We shouldn't be coerced into buying an inferior product because it's the patriotic thing to do.