When income falls
A) the demand for a normal goods rises.
B) the demand for an inferior goods rises.
C) there is a movement downward along the demand curve for a normal good.
D) there is a movement downward along the demand curve for an inferior good.
B
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Competition from substitute goods is more of a threat when switching costs are high
Indicate whether the statement is true or false
IMF refers to the International Market Fund
Indicate whether the statement is true or false
Suppose the demand and supply curves for good X are both linear. The demand price for the first unit of X is $28, and the supply price for the first unit of X is $6. If the equilibrium price for good X is $16 and the equilibrium quantity of X is 24,000 units, then total consumer surplus is ________, total producer surplus is ________, and total social surplus is ________.
A. $144,000; $672,000; $384,000 B. $144,000; $120,000; $264,000 C. $672,000; $144,000; $384,000 D. $28; $6; $16 E. $120,000; $144,000; $264,000
In the insider-outsider theory:
A. insiders are workers who retain employment during recession. B. insiders are managers who have more information about their firm's performance than outsiders. C. insiders are "principals" and outsiders are "agents" D. outsiders are foreigners.