If a Good Is Inferior in an Economic Sense

question 172

Multiple Choice

If a good is inferior in an economic sense:

• A) it is demand price elastic.
• B) it is demand price inelastic.
• C) the income elasticity of demand is negative.
• D) it is a low-quality good.
• E) it is not the highest quality good in its class.

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Definitions:

Israel Hill

A community in Virginia formed by free African Americans in the early 19th century, symbolizing resilience and the quest for autonomy among free black populations in the Antebellum South.

Richard Randolph

An American planter and politician from Virginia, known for his participation in the political and social debates of his time.

Transportation Revolution

Refers to the rapid expansion of transportation networks, including roads, canals, and railroads, in the United States during the 19th century, which significantly influenced economic and social landscapes.

Cotton Economy

An economic system heavily reliant on the production, trade, and processing of cotton, particularly significant in the Southern United States before the Civil War.