Which of the Following Is Most Likely an Inferior Good

question 303

Multiple Choice

Which of the following is most likely an inferior good?

• A)an antique car
• B)gasoline
• C)a bus ticket
• D)an airline ticket

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Definitions:

Wartime Shortages

Periods during war when there is a lack of availability of essential goods and resources due to increased demand and disrupted supply chains.

Opportunity Cost

The benefit missed out on when choosing one alternative over another, emphasizing the impact of choice on resource allocation.

Limited Resources

The finite availability of inputs such as labor, materials, and capital, which restricts production capabilities and economic growth.

Unlimited Wants

The concept in economics that human desires for goods and services exceed the available resources, leading to perpetual states of decision making and prioritization.