Multiple Choice
Which of the following commodities can be considered as an inferior good?
A) Dwelling in a small apartment located in a suburb
B) Washing clothes in a washer at home
C) Eating out at an upscale restaurant
D) Spending vacations at exotic locations
Correct Answer:
Verified
Correct Answer:
Verified
Q62: Sellers in a geographically centralized market have
Q63: In the market for potatoes, where price
Q64: A surplus can exist in the market
Q65: Assume that excessive lobbying by tea cultivators
Q66: A futures contract hedges against the risks
Q68: Arbitrage in foreign exchange and gold are
Q69: Substitution of one commodity for another depends
Q70: The market-clearing price is:<br>A)the price at which
Q71: Which of the following is an effect
Q72: Consumer surplus increases when the market price