If a Rational Utility Maximizer Is a Net Demander of a Good

question 49

True/False

If a rational utility maximizer is a net demander of a good and if an increase in its price causes him to buy more of it, then it must be an inferior good.

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Definitions:

Illegal Control

Unauthorized or unlawful dominance or influence over an entity, market, or activity.

Prices

The amount of money required to purchase a good, service, or asset.

Oligopolies

Market structures characterized by a small number of firms dominating the market, often leading to limited competition.

Horizontal Demand Curve

Represents a situation in which the demand for a product is perfectly elastic, indicating that consumers are willing to purchase any quantity of the product at a specific price.