A Good Is Said to Be "Inferior" If

question 114

Multiple Choice

A good is said to be "inferior" if

• A) it is of low quality.
• B) consumers buy less of it at a high price.
• C) it has a negative income elasticity of demand.
• D) it has many substitutes.

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Definitions:

Baby Boomers

A demographic group defined as those born approximately between 1946 and 1964, characterized by their significant impact on the economy and consumer markets.

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Cost Focus Strategy

A business strategy aimed at becoming the lowest-cost producer in a particular sector or for a specific segment of the market.

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