A Good Is an Inferior Good If the Consumer Buys

question 123

Multiple Choice

A good is an inferior good if the consumer buys less of it when

• A)his income rises.
• B)the price of the good rises.
• C)the price of a substitute good falls.
• D)his income falls.

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Definitions:

Outgroup Homogeneity Bias

The perception that members of an outgroup are more similar to each other than they actually are, often contrasting with the perceived diversity within an ingroup.

Racial Discrimination

Prejudice, attitudes, or differential treatment toward people based on their race or ethnicity.

English Football

A term referring to the sport of soccer as it is played, followed, and organized within England, encompassing various leagues and competitions.

Salaries

The regular payments made by an employer to an employee, especially a professional or white-collar worker, in exchange for the employee's work or services.