Suppose the Price of Good X Falls and the Consumption

question 165

Multiple Choice

Suppose the price of good X falls and the consumption of good X increases. From this we can infer that X is a(n) (i) normal good.
(ii) inferior good.
(iii) Giffen good.

• A)(i) only
• B)(i) or (ii) only
• C)(iii) only
• D)(ii) or (iii) only

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Definitions:

Common Law

A legal system based on court decisions and customs, as opposed to written laws.

Comparative Negligence

A legal doctrine that reduces the amount of damages that a plaintiff can recover in a negligence-based claim, based upon the degree to which the plaintiff's own negligence contributed to the cause of their injuries.

Impostor Rule

A legal principle that specifies when a party may be held liable for fraud or deceit if they knowingly allow another to impersonate them for gain.

Indorsement

The act of signing one's name on the back of a check or other negotiable instrument for the purpose of transferring ownership or providing authorization.