A Good Is an Inferior Good If the Consumer Buys

question 123

Multiple Choice

A good is an inferior good if the consumer buys less of it when

• A)his income rises.
• B)the price of the good rises.
• C)the price of a substitute good falls.
• D)his income falls.

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Definitions:

Subsidence

The gradual sinking or settling of land or structures, often due to natural processes like the compaction of soil or human activities such as groundwater withdrawal.

Groundwater

Water that exists beneath the Earth's surface in soil pore spaces and in the fractures of rock formations.

Sinking

The process where land or objects gradually go down or submerge in water or another medium.

Ground

The solid surface of the Earth, or a reference point in electrical engineering for a return path for electric current.