For most products, purchases tend to fall with decreases in consumers' incomes. Such products are known as
A. average goods.
B. inferior goods.
C. direct goods.
D. normal goods.
Answer: D
You might also like to view...
The demographic bulge that is at the heart of Social Security's long-term problems is attributable to a baby boom that occurred
A. after World War II. B. after World War I. C. in the 1980s. D. in the 1960s.
At the midpoint of the demand curve, in absolute value,
a) the price elasticity coefficient is at a maximum. b) the price elasticity coefficient is at a minimum. c) the price elasticity coefficient is zero. d) the price elasticity coefficient is one. e) the price elasticity is the same as elswhere along this demand curve
Use the data in the table below to answer the following question.PriceQuantity Demanded$201218171620142412301036840644448The price elasticity of demand (based on the midpoint formula) when price decreases from $8 to $6 is
A. elastic. B. unit elastic. C. inelastic. D. perfectly elastic.
The table above gives production information for Bob's Baseball Cap Company. Bob's total cost when zero caps are produced is $200 and workers cost $10 per hour. The total cost of producing 30 baseball hats per hour is
A) $50. B) $200. C) $250. D) More information is needed to answer the question.