Empirical Indicators Are Resources That Are Either Rare, Hard to Imitate

question 115

Multiple Choice

Empirical indicators are resources that are either rare, hard to imitate, or

• A) expensive.
• B) inexpensive.
• C) easily substitutable.
• D) not easily substitutable.
• E) inefficient.

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Definitions:

Normal Goods

Goods for which demand increases as the income of individuals increases.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period.

Normal Goods

Goods for which demand increases when income increases, and falls when income decreases, but price remains constant.

Inferior Goods

Products whose demand decreases as the income of consumers increases, reflecting a preference shift to higher-quality substitutes when affordability allows.