In economic terminology, an inferior good is a good

A) that no one will purchase.
B) that doesn't work properly.
C) that has no monetary value.
D) for which demand increases as income decreases.


D

Economics

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If the manager of a nonprofit enterprise sets prices below market clearing levels, she

A) increases the net revenue of the enterprise. B) provides herself with control over a valuable good. C) reduces her personal popularity. D) produces all of the above consequences.

Economics

Profits can be thought of as

a. the return to enterprise. b. the reward for taking a risk and winning. c. what is left over after all wages, rent, and interest have been paid. d. All of these.

Economics

Electricity accounts for almost 20% of the cost of making steel. A 10% increase in electricity prices results in steel firms decreasing production and thereby demanding 5% less electricity

Over many years, technological innovations can change the way steel firms make steel and reduce the industry's energy requirements. This suggests that the steel industry's short-run elasticity of demand for electricity is probably A) less than one in absolute terms in the short run. B) less than its long-run elasticity of demand for electricity. C) Both A and B above. D) Neither A nor B above.

Economics

The SRAS is ____; the LRAS is ____

a. upward sloping; upward sloping b. upward sloping; vertical c. vertical; upward sloping d. vertical; vertical

Economics