Describe wine as a inferior good-substitute good

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Your income has recently dropped from $60,000 per year to $45,000 per year. You have come to realize that you are only buying three bottles of wine a week now where as you used to buy six bottles of wine when you made $60,000 a year. Describe wine as a inferior good, substitute good, normal good and complimentary good.

Reference no: EM131088640

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