If a Turnip Is an Inferior Good,then,ceteris Paribus,an Increase in the Price

question 170

Multiple Choice

If a turnip is an inferior good,then,ceteris paribus,an increase in the price of a turnip will

• A)decrease the demand for turnips.
• B)increase the demand for turnips.
• C)decrease the supply of turnips.
• D)increase the supply of turnips.
• E)none of the above.

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Definitions:

Borda Count

A voting method in which voters rank options or candidates, and rankings are then converted into scores which are totaled to determine the winner.

Vacation Destination

A place where people go to relax, explore, and enjoy leisure activities during their holidays.

Condorcet Voting Paradox

A scenario in social choice theory where collective preferences are cyclic (i.e., not transitive) even if the individual preferences within the group are linear and transitive.

Transitivity of Preferences

The economic theory that if an individual prefers option A over B, and B over C, then they should also prefer A over C, ensuring consistent decision-making.