Final answer:
The word 'substandard' is a synonym for the word 'inferior'. In economics, an inferior good is one where demand decreases as income increases, and consumers may shift to superior goods as their income rises.
The correct answer to this question is 'c. substandard'.
Step-by-step explanation:
The question '___________ is another word for inferior: a. best c. substandard b. quality d. consumption' is asking for a synonym for the word 'inferior'. The correct answer to this question is 'c. substandard'. The word 'substandard' refers to something that is below the usual or required standard, which is similar to the meaning of 'inferior'.
An inferior good is a term used in economics to describe a good for which demand decreases as the buyer's income rises, contrasting with 'normal goods', for which demand increases as income rises. In the context of economics, consumption patterns can shift when the income of the consumer changes, leading them to substitute inferior goods with superior ones if their purchasing power allows.
For example, if a person's income increases, they might choose to buy higher-quality groceries or dine out more frequently, thus reducing their consumption of cheaper, inferior goods, such as instant noodles, which they might have bought when their income was lower.