Which of the Following Is Most Likely to Be an Inferior

question 109

Multiple Choice

Which of the following is most likely to be an inferior good?

• A)airline travel
• B)restaurant meals
• C)a subscription to the Wall Street Journal
• D)soft drinks
• E)used clothing

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Definitions:

Input Mix

The combination of various types of inputs used in the production process.

Memo Pads

Stationery items consisting of small sheets of paper for brief notes, reminders, or messages.

Short Run

A period in which at least one input or factor of production is fixed, allowing only some inputs to change.

Long Run

A period of time in economics during which all inputs and factors of production can be adjusted, allowing for full industry adjustment to changes.