Solved

As Consumers Experience an Increase in Income, the Demand for Steak

Question 5

Multiple Choice

As consumers experience an increase in income, the demand for steak increases and the demand for macaroni and cheese decreases. What can we determine from this information?


A) Steak and macaroni are substitute goods.
B) Steak and macaroni are complementary goods.
C) Steak is an inferior good, and macaroni is normal.
D) Steak is a normal good, and macaroni is inferior.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions