A good is classified as inferior if:
A. consumers buy less when the price rises.
B. consumers buy less when income rises.
C. consumers buy less when the price falls.
D. consumers buy more when income rises.
Answer: B
You might also like to view...
An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
The Social Security and Medicare programs have been a failure in terms of reducing poverty among elderly U.S. citizens
Indicate whether the statement is true or false
One of the reasons for the growth performance of free market economies is firms' use of innovation to compete with one another
a. True b. False Indicate whether the statement is true or false
The United States has never suffered through periods of hyperinflation in its history
a. True b. False Indicate whether the statement is true or false