Something Is an Inferior Good If the Demand for the Good

question 76

Multiple Choice

Something is an inferior good if the demand for the good

• A) increases as the consumer's income increases.
• B) increases as the consumer's income decreases.
• C) decreases as the price of a complement increases.
• D) decreases as the price of a substitute increases.
• E) decreases as the consumer's income decreases.

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Definitions:

Rotter Incomplete Sentence Blank

A projective psychological test designed to assess personality through an individual's completion of unfinished sentences.

NEO Personality Inventory-3

is a psychological personality assessment instrument which measures five major domains of personality: Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism.

Third Party Observer

An independent individual who monitors and reports on the behavior or events without being directly involved.

Positive Attributes

Qualities or characteristics of a person that are beneficial, virtuous, or advantageous in nature.