An Inferior Good Is One That Consumers Buy in Smaller

question 90

True/False

An inferior good is one that consumers buy in smaller quantities when incomes rise.

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Definitions:

Capital

Resources, such as funds or other assets, that are available for use in the production of goods or services and investment.

Total Product

The total quantity of output produced by a firm using various inputs during a given period.

Marginal Product

The additional output that is generated by increasing the input of a single factor of production by one unit, while holding other factors constant.

Bushels

A unit of volume that is used primarily in the United States to measure agricultural commodities.