If the Price and Quantity for an Inferior Good,Good X,is

question 165

Multiple Choice

If the price and quantity for an inferior good,Good X,is $8 and 6 units at the original equilibrium,what is one possibility for the new equilibrium of Good X if we see income increase and all other factors stay constant?

• A) $10 and 4 units
• B) $10 and 8 units
• C) $6 and 4 units
• D) $6 and 8 units
• E) $10 and 2 units

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Definitions:

Dead Metaphor

A metaphor that has been used so often it has lost its original figurative meaning and is taken literally.

Literal Meaning

The explicit or direct meaning of a word or text, without the use of metaphor, exaggeration, or any other figure of speech.

Metaphor

A figure of speech in which a word or phrase is applied to an object or action to which it is not literally applicable.

Concept

A theoretical notion that captures the core features of its subject.