An Inferior Good Is

question 5

Multiple Choice

An inferior good is

• A)any good of low quality
• B)one that consumers buy less of as the price rises
• C)one that consumers buy less of as their income rises
• D)one that has few substitutes
• E)any good made with inexpensive labor

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Definitions:

Jury

A group of people legally selected and sworn to inquire into any matter of fact and to give their verdict according to the evidence presented to them.

Standing

The legal right of a party to bring a lawsuit by demonstrating to the court sufficient connection to and harm from the law or action challenged (i.e., the plaintiff must demonstrate that he or she is harmed or will be harmed). Otherwise, the court will dismiss the case, ruling that the plaintiff “lacks standing” to bring the suit.

Plaintiff

The party who initiates a lawsuit in a court of law, alleging harm caused by the defendant's action or inaction.

Venue

The court with subject-matter and personal jurisdiction that is the most appropriate geographic location for the resolution of a dispute.