An Inferior Good Is

question 5

Multiple Choice

An inferior good is

• A)any good of low quality
• B)one that consumers buy less of as the price rises
• C)one that consumers buy less of as their income rises
• D)one that has few substitutes
• E)any good made with inexpensive labor

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Definitions:

Modern Conveniences

Technologies, devices, or services that simplify tasks and make daily life easier compared to past times.

Fulfillment

The achievement of something desired, promised, or predicted, or a sense of happiness or satisfaction resulting from achieving one's potential or realizing one's desires.

Self-Actualize

The realization or fulfillment of one's talents and potentialities, especially considered as a drive or need present in everyone.

Regulatory Fit

Regulatory Fit is a theory that suggests people's motivation in a task, decision, or persuasion is enhanced when the approach matches their regulatory focus, either promotion or prevention focused.