An Inferior Good Is

question 149

Multiple Choice

An inferior good is

• A)any good whose demand curve shifts to the left as income rises
• B)any good of low quality
• C)one that has few substitutes
• D)any good produced by inexpensive labor
• E)any good that consumers buy less of as its price falls

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Definitions:

Educational System

The structured and institutionalized set of policies, practices, and processes designed to impart knowledge, skills, and cultural values to individuals in a society.

Hidden Curriculum

The unwritten, unofficial, and often unintended lessons, values, and perspectives that students learn in school.

Good Citizens

Individuals who contribute positively to society through their actions, behaviors, and adherence to laws and societal norms.

Self-Fulfilling Prophecy

A prediction that directly or indirectly causes itself to become true, due to positive feedback between belief and behavior.