Which of the Following Is Most Likely an Inferior Good

question 21

Multiple Choice

Which of the following is most likely an inferior good?

• A)Rolex watches.
• B)Nike running shoes.
• C)Generic canned food.
• D)A custom-built mansion.

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Definitions:

Professional Partnership

A form of business organization where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Agreement.

Negligence

A failure to take reasonable care or to act with the expected level of diligence, leading to harm or damage.

Limited Partnership

A business structure where one or more partners have limited liability, and at least one partner has unlimited liability.

Day-to-Day Business Management

The continuous, routine operations and activities involved in the administration and control of a company or organization.