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Question
Something is an inferior good if the demand for the good
a. increases as the consumers income increases.
b. increases as the consumers income decreases.
c. decreases as the price of a complement increases.
d. decreases as the price of a substitute increases.
e. decreases as the consumers income decreases.
Answer
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Related questions
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The economic entity most likely to engage in price gouging is
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What is the long-run consequence of a price ceiling law?
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Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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Q:
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