If Macaroni and Cheese Is an Inferior Good and an Increase

question 101

Multiple Choice

If macaroni and cheese is an inferior good and an increase in consumer income occurs,then which of the following statements is TRUE?

• A)At a given price,more will be spent on macaroni and cheese.
• B)There will be an increase in demand for macaroni and cheese.
• C)The demand curve for macaroni and cheese will shift farther away from the origin.
• D)There will be a decrease in demand for macaroni and cheese.

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Definitions:

Acceptance

In contract law, the expression of assent to the terms of an offer in such a manner that binds both the offeror and the offeree to the terms of the contract.

Legal Responsibilities

Obligations imposed by law, requiring individuals or entities to act in a certain manner or face legal consequences for failure to do so.

Offer

A proposal presented by one party to another with the intention to create a legal agreement upon acceptance.

Offer

A proposal presented by one party to another as a basis for negotiations or the formation of a contract.