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:

Cow Worship

The practice of venerating cows as sacred animals, particularly in Hindu culture, where cows are respected and honored.

Rural India

Areas in India that are characterized by lower population density, agricultural-based economy, and lesser access to healthcare, education, and technology compared to urban areas.

Globalization

The mechanism by which business enterprises or similar bodies start to exert influence on a global level or commence activities internationally.

Cultural Diversification

Cultural diversification is the process or state of being characterized by a variety of cultural expressions, traditions, languages, or practices within a society or among groups.