Which of the Following Is Most Likely an Inferior Good

question 303

Multiple Choice

Which of the following is most likely an inferior good?

• A)an antique car
• B)gasoline
• C)a bus ticket
• D)an airline ticket

Understand the calculation and significance of key financial ratios including the quick ratio (acid-test ratio) and gross margin ratio.

Recognize the terms and implications of credit sales terms like 2/10, n/30.

Identify the components of the operating cycle for a merchandiser.

Understand the impact of new revenue recognition rules on financial statements.

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Definitions:

\(k ^ { 3 }\)

Represents the cube of a variable \(k\), equivalent to multiplying \(k\) by itself twice (\(k*k*k\)).

\(k + 8\)

An algebraic expression representing the sum of a variable, \(k\), and the number 8.

\(d = \frac { 3 } { 7 }\)

Represents a specific value of the variable d, which is equal to the fraction three-sevenths.