Multiple Choice
Joe consumes 48 units of food and 12 units of clothing.If food is an inferior good:
A) Joe would strictly prefer receiving a $10 gift certificate at a clothing store to receiving $10 in cash.
B) Joe would strictly prefer receiving $10 in cash to receiving a $10 gift certificate at a clothing store.
C) Joe would be indifferent between receiving a $10 gift certificate at a clothing store and receiving $10 in cash.
D) upon receiving a $10 gift certificate at a clothing store, Joe would consume less clothing and more food.
Correct Answer:
Verified
Correct Answer:
Verified
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