An Inferior Good Is a Good Whose Quantity Demanded

question 179

Multiple Choice

An inferior good is a good whose quantity demanded

• A)rises when its price falls.
• B)falls when the price of a related good falls.
• C)falls when the consumer's total utility rises.
• D)rises when the consumer's real income falls.

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Definitions:

Problem

A situation, condition, or issue that needs to be resolved.

Mental Set

A cognitive framework consisting of a person's usual way of approaching and solving problems, often leading to a fixation on previous solutions.

Inhibit

To hold back, hinder, or restrain an action, process, or behavior.

Creativity

The ability to produce new and valuable ideas.