Top Ramen Is a Brand of Noodles That Is Widely

question 104

Multiple Choice

Top Ramen is a brand of noodles that is widely considered to be an inferior good with a high salt content.What would happen to the equilibrium price and equilibrium quantity of Top Ramen if income went up and the price of salt decreased?

• A) The equilibrium price will go up and equilibrium quantity will go up.
• B) The equilibrium price will go down and equilibrium quantity will be indeterminate.
• C) The equilibrium price will be indeterminate and equilibrium quantity will go up.
• D) The equilibrium price will go up and equilibrium quantity will be indeterminate.
• E) The equilibrium price will be indeterminate and equilibrium quantity will go down.

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Definitions:

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A marketing and advertising strategy that leverages imaginative, dream-like, or idealized scenarios to capture interest and influence consumer attitudes or behavior towards a product or brand.

Actual

Pertaining to what is real or existing in fact, not just in possibility or theory.

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The person one aspires to be, representing one's hopes, aspirations, and personal standards.

Self-esteem

A person's overall sense of their value or worth.