The price of peaches goes up and I observe you buying fewer strawberries. Which of the following is consistent with this observation:

A. Strawberries are inferior and peaches are normal.
B. Strawberries are normal and peaches are inferior.
C. Both strawberries and peaches are inferior.
D. Both (a) and (b).
E. Both (a) and (c).
F. Both (b) and (c).
G. All of the above.


Answer: F

Economics

You might also like to view...

Refer to Figure 18-1. The depreciation of the dollar is represented as a movement from

A) B to A. B) B to C. C) A to C. D) A to B. E) D to C.

Economics

The unemployment rate among African American workers in the United States is higher than that among white workers

a. True b. False Indicate whether the statement is true or false

Economics

An example of physical capital is a:

A. plow. B. bank loan. C. seeds. D. tree.

Economics

Ceteris paribus, based on the circular flow model, a spending injection results in:

A. A decrease in total income for consumers. B. An increase in total income for consumers. C. An increase in the MPS. D. A decrease in the MPS.

Economics