An inferior good is:
a. any good of low quality.
b. one that consumers buy less of at a higher price.
c. one that consumers buy less of as their income rises.
d. one that has few substitutes.
e. any good made with inexpensive labor.
c
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How, other than by adjusting price, do firms in monopolistic competition compete?
What will be an ideal response?
The prime interest rate is the
A) interest rate on six-month U.S. Treasury bills. B) discount rate. C) Federal funds rate. D) interest rate that banks charge high-quality borrowers.
Of the curves displayed in graph shown, what does curve C most likely represent?
A. Marginal cost B. Average variable cost C. Average total cost D. Marginal revenue
Which of the following is associated with microeconomics?
a) The country's unemployment rate. b) A specific U.S. industry's sales figures. c) The economy's rate of growth. d) An economy's overall output level.