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