An Inferior Good

question 82

Multiple Choice

An inferior good:

• A)has an upward sloping demand function.
• B)has a negative income elasticity of demand.
• C)has a positive income elasticity of demand.
• D)is a Giffen good.

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Definitions:

Relative Ethics

The belief that moral standards are influenced by and can only be understood in relation to the specific social, cultural, or individual context.

Legislation

Laws that have been enacted by a governing body or the process of making or enacting laws.

Divine Command Theory

A theory suggesting that morality is determined by God's commands, and what is morally right is what God has decreed.

Religious Texts

Writings considered sacred and central in various religious traditions, guiding beliefs, rituals, and morals.