Multiple Choice
An inferior good is _____
A) any good of low quality.
B) one that consumers buy less of as the price rises.
C) one that consumers buy less of as their income rises.
D) one that has few substitutes.
E) any good made with inexpensive inputs.
Correct Answer:
Verified
Correct Answer:
Verified
Q136: The demand for flour is<br>A)inelastic because there
Q187: Inferior goods have an income elasticity of
Q188: What is the effect of a 10
Q189: Exhibit 5.3<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1208/.jpg" alt="Exhibit 5.3
Q190: A good that is defined broadly has
Q192: Table 5.7<br> <span class="ql-formula" data-value="\begin{array}
Q193: John spends exactly the same dollar amount
Q194: Exhibit 5.3<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1208/.jpg" alt="Exhibit 5.3
Q195: Suppose consumers spent $42 million on Christmas
Q196: The demand for firewood is likely to