Suppose the Price of Good X Falls and the Consumption

question 413

Multiple Choice

Suppose the price of good X falls and the consumption of good X increases. From this we can infer that X is a(n) (i)
Normal good.(ii)
Inferior good.(iii)
Giffen good.

• A)(i) only
• B)(i) or (ii) only
• C)(iii) only
• D)(ii) or (iii) only

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Definitions:

Statistical

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Proprietary Fund

A type of government fund created to manage activities that are similar to those found in the private sector, where services are provided to the public for a fee.

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Statement of Revenue

A financial statement that shows the income earned by a company over a certain period of time.