An Inferior Good Is One

question 99

Multiple Choice

An inferior good is one:

• A)that doesn't work.
• B)that costs too much.
• C)that won't be purchased at any price.
• D)for which demand increases as income decreases.

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Definitions:

Northwest-Corner Rule

A method used in transportation problems of linear programming to find a basic feasible solution by starting at the northwest corner of a cost matrix and allocating supplies to demands while moving south and east through the matrix.

Ignores Costs

A term referring to the practice or scenario where financial expenditures or implications are not taken into consideration.

Supply and Demand Conditions

The economic model that determines the price of goods in a market, based on the availability of the goods (supply) and the desire for them (demand).

Initial Solution

The first proposed resolution or approach to solving a problem, often used as a starting point for further refinement in optimization problems.