Final answer:
An inferior good is a good that has a negative income elasticity of demand. Instant noodles are most likely to have a negative income elasticity of demand, as their demand decreases as income increases.
Step-by-step explanation:
An inferior good is a good that has a negative income elasticity of demand, meaning that as income increases, the quantity demanded of the good decreases. Amongst the choices given, instant noodles are most likely to have a negative income elasticity of demand.
Instant noodles are often considered an inferior good because as people's income rises, they tend to choose higher-quality and more expensive food options such as gourmet pizza and steak. In contrast, instant noodles are cheap and convenient, making them more popular among those with lower incomes.
For example, when a person's income increases, they may choose to replace instant noodles with gourmet pizza or steak, which are considered normal goods as their demand typically increases with rising incomes.