Which of the Following Commodities Can Be Considered as an Inferior

question 67

Multiple Choice

Which of the following commodities can be considered as an inferior good?

• A)Dwelling in a small apartment located in a suburb
• B)Washing clothes in a washer at home
• C)Eating out at an upscale restaurant
• D)Spending vacations at exotic locations

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Definitions:

Personal Property

Refers to movable assets owned by individuals or businesses, excluding real estate.

Estate

Everything that a person owns at the time of their death, including property, assets, and debts, which is managed or settled according to their will or the law.

Residuary

The remainder of an estate left after all other bequests and claims have been satisfied.

Personal Representative

An individual appointed to administer the estate of a deceased person, also known as an executor or administrator.