Fast Food Is Believed to Be an Inferior Good

question 4

Multiple Choice

Fast food is believed to be an inferior good. This means that:

• A) the quantity of fast food consumed decreases as income increases.
• B) the income elasticity of demand for fast food is positive.
• C) the quantity of fast food consumed will always be high
• D) fast food is really not quality food

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Definitions:

Rent Payment

The act of paying a specified sum, usually periodically, by a tenant to a landlord in return for the right to occupy or use the property of the landlord.

Tenancy for Years

A lease agreement for real estate that lasts for a specific, fixed duration, longer than one year.

Periodic Tenancy

A leasing agreement that continues for successive periods (such as month-to-month or year-to-year) until either the tenant or landlord gives notice to terminate.

Tenancy at Will

A rental agreement that either party can terminate at any time without cause, provided proper notice is given.