Bus rides and canned soup are inferior goods, so the ________ elasticity of demand is ________
A) cross; positive
B) income; positive
C) income; negative
D) cross; negative
C
You might also like to view...
Input-output analysis is commonly used in production decisions.
Answer the following statement true (T) or false (F)
Which of the following statements about the concept of opportunity cost is true?
A. The opportunity cost of a decision only includes monetary outlays. B. The opportunity cost of a decision is the next best foregone alternative. C. All decisions have zero opportunity cost. D. The opportunity cost of a college education is measured by the payments for tuition and books.
The benefit from a good experienced by people who do not decide how much of the good to produce or consume is called a(n):
A. public benefit. B. private benefit. C. external benefit. D. consumption benefit.
The M2 definition of money includes traveler's checks.
Answer the following statement true (T) or false (F)