Which of the Following Is Not Likely to Be an Inferior

question 203

Multiple Choice

Which of the following is not likely to be an inferior good for most Americans?

• A)Thrift store clothing.
• B)Wine in a box.
• C)Intercity bus travel.
• D)Store brand canned vegetables.
• E)All of the above are likely to be inferior goods for most Americans.

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Definitions:

Total Income

The full amount of income received by an individual or a country, including wages, salaries, benefits, and income from investments before any deductions.

Marginal Product

Marginal product is the addition to total output produced by using one more unit of a specific input, holding all other inputs constant.

Marginal Revenue

The change in total revenue generated by an additional unit of output.

Marginal Cost

The growth in aggregate costs linked to creating an extra unit of a product or service.