Solved

Suppose the Supply Curve for Breakfast Cereals Is Upward Sloping

Question 68

Multiple Choice

Suppose the supply curve for breakfast cereals is upward sloping.Suppose also that as average household income increases we observe a fall in the price of breakfast cereal.We can conclude that breakfast cereal is a(n)


A) luxury good.
B) substitute good.
C) inferior good.
D) normal good.
E) necessity good.

Correct Answer:

verifed

Verified

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

Related Questions

Q63: During the 1970s,OPEC's output restrictions caused gasoline

Q64: A vertical demand curve shows that the

Q65: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5441/.jpg" alt=" FIGURE 4-1 -Refer

Q66: An upward-sloping straight-line supply curve through the

Q67: If price elasticity of demand for good

Q69: Suppose that the quantity of lemonade demanded

Q70: If the demand for some good fluctuates,but

Q71: Suppose an increase in world demand for

Q72: The price elasticity of demand for a

Q73: Consider a firm's price elasticity of supply.If