An income elasticity less than zero tells us that the good is:
A. an inelastic good.
B. a Giffen good.
C. an inferior good.
D. a normal good.
Answer: C
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The long run refers to a time period
A) long enough for a firm to pay all of its creditors in full. B) long enough for a firm to change the use of its variable inputs. C) long enough for a firm to vary all of its inputs, to adopt new technology, and change the size of its physical plant. D) during which a firm is able to purchase all of its inputs, including its plant and equipment.
Discuss the options for financing a balance of payments deficit
What will be an ideal response?
Advertising reduces the cost of obtaining a commodity by saving the time spent searching for price quotes and other information related to this commodity
Indicate whether the statement is true or false
Explain the cases for and against flexible and fixed exchange rate regimes
What will be an ideal response?