If Macaroni and Cheese Is an Inferior Good, Then a Decrease

question 77

Multiple Choice

If macaroni and cheese is an inferior good, then a decrease in income will result in

• A) an increase in the demand for macaroni and cheese.
• B) a decrease in the demand for macaroni and cheese.
• C) an increase in the supply of macaroni and cheese.
• D) a decrease in the supply of macaroni and cheese.

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Definitions:

Cattle

Domesticated large animals raised in agriculture for purposes like meat (beef), milk, or hide production.

Crude Oil

A natural petroleum product that’s extracted from the ground and is a global primary energy source, undergoing refinement for various uses.

Tractors

Heavy vehicles designed for agricultural use, mainly for plowing, tilling, and planting fields.

Autarky

An economic system where a country or entity is self-sufficient and does not engage in trade with external parties.