Inferior goods - Study guides, Class notes & Summaries

A normal good is a good for which Correct Answer-demand increases when income increases. Which of the following is NOT one of the factors that influences the supply of a product? Correct Answer-income Which of the following is a microeconomic topic? Correct Answer-the reasons why Kathy buys less orange juice When supply decreases and demand does not change, the equilibrium quantity Correct Answer-decreases and the price rises If two variables are positively related Correct Answer-the...

Final Exams ECON 1580 Introduction to Economics Question 1 If the price of chocolate-covered peanuts increases and the demand for strawberry licorice twists increases, this indicates that these two goods are: a. unrelated goods. b. superior goods. c. inferior goods. d. substitute goods. Question 2 A decrease in the demand facing a monopoly firm would _______ quantity and _______ price. The demand is inelastic. a. increase; increase b. increase; decrease c. decrease; increase d. decrease; decreas...

Opportunity Cost correct answers Cost of the next best alternative use of money, time, or resources when one choice is made rather than another. e.g. A friend will 1. clean the house ($20) or 2. cook dinner ($15) or 3. Laundry ($10). The opportunity cost of having dinner cooked is $20. If you chose to clean the house, OP is $15 (next best alternative. Accommodation is not an OP because you have to pay for it whether you go to Uni or work. Sunk Costs correct answers Costs that cannot be...

CIS 3250 Exam 1 FSU Questions and Answers 100% Solved In the term "Free Software", "free" implies all of the following except one. Which one? A. Free of cost B. Free to copy C. Freedom D. Free to modify A Which of the following is not a factor specified in U.S. copyright law for determining fair use? A. The for-profit or non-profit status of the copyright holder B. The purpose and nature of the use C. The effect on the market for the copyrighted work D. The amount and significance of...

University of South Africa - AUE2601 - Auditing Theory And Practice EXAM PACK 2024 OCTOBER/NOVEMBER 2024 1.5) Password controls  Passwords should be unique to each individual (group passwords should not be used).  Passwords should consist of at least six characters, be random not obvious, and a mix of letters, numbers, upper/lower case and symbols.  Passwords/user-IDs for terminated or transferred personnel should be removed/disabled at the time of termination or transfer....

If service stations raise the price of gasoline and, experience a decrease in demand for automobile tires, then gasoline and tires are: A. complementary goods B. inferior goods C. economic goods D. substitute goods - A. Complementary goods If the price of K declines, the demand curve for the complementary product J will: A. shift to the left. B. shift to the right C. remain unchanged D. decrease - B. shift to the right

Demand Curve Shift Upward (direct relationship-positive shift) - correct answer The price of subsitute goods, expectations of price changes, income for normal goods, and extent of market Demand Curve Shift Downward (inverse relationship-neg. shift) - correct answer The price of complement good, income for inferior goods, and consumer boycotts SWOT analysis - correct answer strengths, weaknesses, opportunities, threats Three common measures of price inflation: - correct answer 1....

determinants of demand correct answers change in consumer tastes and preferences. change in number of buyers. change in income (affects normal vs inferior goods). change in prices of related goods (complementary or substitute goods). change in buyer expectations (future prices vs future incomes). supply correct answers amount producers are willing and able to sell. individual supply. market supply. market equilibrium correct answers occurs where demand curve and supply curve intersec...

The central problem of economics is the: A) Distribution of goods and services to those in need. B) Scarcity of resources relative to human wants. C) Inefficiency of government operations. D) Unemployment of certain factors of production. Ans- B The primary concern of economics is the study of: A) Why human wants exist and what motivates them. B) How to distribute goods and services according to human needs. C) How best to allocate scarce resources among competing uses. D) Who holds th...

If service stations raise the price of gasoline and, experience a decrease in demand for automobile tires, then gasoline and tires are: A. complementary goods B. inferior goods C. economic goods D. substitute goods A. Complementary goods