Assume That Store Brand Cereal Is an Inferior Good

question 118

Multiple Choice

Assume that store brand cereal is an inferior good.If income rises,then the price of store brand cereal will ________ and the quantity sold of store brand cereal will _______.

• A)rise;rise
• B)rise;fall
• C)fall;fall

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Definitions:

Blank Endorsement

Blank Endorsement is a signature on a financial instrument, such as a check, without designating a payee, making it payable to the bearer.

Drawer

In accounting, the entity (person or organization) that issues or writes a bill of exchange, check, or draft, instructing another entity to pay.

Drawee

Bank that drawer has an account with.

Credits Account

A financial record that boosts a liability or equity account, or lowers an asset or expense account.