An inferior good is
a. any good of low quality
b. one that consumers buy less of as the price rises
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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The percentage of elementary and secondary educational expenditures financed by the federal government _____ between 1940 and 2000
a. increased from 5 to 10 percent b. increased from 2 to 7 percent c. stayed relatively constant around 5 percent d. increased from 3 to 13 percent
The terms "correlation" and "causation" are synonymous
a. True b. False Indicate whether the statement is true or false
Saving is a(n) ________ and wealth is a(n) ________.
A. asset; liability B. flow; stock C. liability; asset D. stock; flow
Suppose there are two perfectly competitive industries with similar numbers of firms but where one industry consists of N identical firms while the second consists of N firms with differing costs. Compared to the short-run supply curve of the industry with identical firms, the short-run supply curve of the differing cost industry will tend to be
A) steeper at higher prices. B) flatter at higher prices. C) steeper at lower prices. D) flatter at lower prices.