A Turnip Is an Inferior Good If

question 181

Multiple Choice

A turnip is an inferior good if

• A)an increase in the price of a turnip decreases the quantity of turnips that consumers want to buy.
• B)an increase in income decreases the demand for turnips.
• C)an increase in income increases the demand for turnips.
• D)turnips violate the law of demand.
• E)turnips are a low quality good.

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Definitions:

Holder In Due Course

A legal term for a party who has acquired a negotiable instrument in good faith and for consideration, and thus has certain protections against claims and defenses that could be raised against the original issuer.

Categorically States

Expresses or asserts something in a manner that is clear and unequivocal.

Authorized

Authorized means having the official permission or approval to do something, especially in a legal or business context.

Liable

Legally responsible or obligated to make restitution or compensation for harm or breach.