A Good Is an Inferior Good If the Consumer Buys

question 405

Multiple Choice

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

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

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Definitions:

Electrical Signals

Variations in electric currents or electromagnetic fields used to convey information between components or systems.

On/Off Control

A simple form of control using binary signals to activate or deactivate devices, without intermediate states.

Measured Variable

A specific quantity or condition that is monitored and measured in a process, such as temperature, pressure, or flow rate.

Set Point

The desired or target value for a controlled variable in a control system, against which actual values are compared to determine the need for corrective action.