If Good X Is an Inferior Good, a Decrease in Consumer

question 357

Multiple Choice

If good X is an inferior good, a decrease in consumer income, other things being equal, will shift the:

• A) demand curve for good X to the right.
• B) demand curve for good X to the left.
• C) supply curve for good X to the right.
• D) supply curve for good X to the left.

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Definitions:

Debit Balance

Refers to the balance remaining in a financial account where debts or expenses exceed the credits or revenues.

Footing

Footing is the process of summing up the numerical values in an accounting column to determine the total, typically as a preliminary step in the preparation of financial statements.

Normal Debit Balance

The expected balance type of an account that is increased by a debit, typical for assets, expenses, and losses.

Withdrawals

Money taken out from a bank account, or the act of taking out funds from a business by its owners for personal use.