If Fast Food Is an Inferior Good Then

question 159

Multiple Choice

If fast food is an inferior good then:

• A)the demand for fast food will fall as income falls.
• B)the demand for fast food will fall as income rises.
• C)the quantity of fast food demanded will rise as the price of fast food rises.
• D)the demand for fast food will fall as the price of fast food rises.

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Definitions:

Interval Responses

Responses or data that range within a specific interval, often used in surveys or statistical analysis to understand distribution or preference.

Interval Data

Refers to a type of numerical data that has meaningful distances between measurements but no true zero point, allowing for addition and subtraction operations but not true ratio comparisons.

Bar Chart

A graphical display that uses bars of different heights or lengths to represent data values of various categories for comparison.

Nominal Variable

A type of categorical variable with distinct categories that do not have a specific order or ranking.