Table 5-2
Quantities Urchased -Refer to Table 5-2

question 118

Multiple Choice

Table 5-2
Quantities urchased
$\begin{array}{|c|c|c|}\hline \text { Income(\$) } & \text { Good X } & \text { Good Y } \\\hline 30000 & 2 & 20 \\\hline 50000 & 5 & 10 \\\hline\end{array}$
-Refer to Table 5-2.Good Y is:

• A)not related to income
• B)an inferior good
• C)price inelastic
• D)a normal good

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Definitions:

Alfred Marshall

A prominent British economist known for his work in microeconomics and for developing the concept of price elasticity of demand.

Economist

A professional in the social science discipline of economics, specializing in the analysis and interpretation of economic phenomena.

Demand and Supply

Fundamental economic concepts representing the quantity of a good or service consumers are willing and able to purchase and the quantity offered by sellers.

Inferior Good

An inferior good is a type of good whose demand decreases when consumer income rises, unlike normal goods, for which the opposite is observed.