Consider a Two-Good World,with Commodities X and Y

question 29

Multiple Choice

Consider a two-good world,with commodities X and Y.If Y is an inferior good,then an increase in consumer income CANNOT:

• A) decrease the demand for Y.
• B) decrease the demand for X.
• C) increase the demand for X.
• D) make the consumer better off.

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Definitions:

Job Security

The probability that an individual will retain their job in the near future, often reflecting the stability of employment within a company or economy.

Generation X

The demographic cohort following the baby boomers and preceding the Millennials, typically considered to be born from the early-to-mid 1960s to the early 1980s.

Generation Y

Also known as Millennials, the demographic cohort following Generation X and preceding Generation Z, generally born between 1981 and 1996.

National Seniors Strategy

A comprehensive policy approach aimed at addressing the needs and challenges faced by senior citizens, typically involving healthcare, housing, income security, and social participation.