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:

Shareholder

An individual or entity that owns shares in a corporation, thereby holding a portion of the company's stock and potentially benefiting from its profits in the form of dividends.

Preemptive Right

A shareholder’s option to purchase new issuances of shares in proportion to the shareholder’s current ownership of the corporation.

Model Business Corporation Act

A set of model laws prepared to assist states in drafting legislation to regulate the formation and operation of corporations.

Articles of Incorporation

The primary document required to register a corporation with a state, detailing the fundamental aspects of the company, such as its name, purpose, and structure.