A downward sloping income-demand curve indicates that the good is a necessity.
Answer the following statement true (T) or false (F)
True
Rationale: To be more precise, it indicates that a good is an inferior good -- but all inferior goods are necessities, and thus the statement is true.
Economics
You might also like to view...
The production function shows the volume of output that can be produced from given inputs
a. True b. False Indicate whether the statement is true or false
Economics
Dumping typically occurs as long as the foreign producer sells its output at a price
A) above its total costs. B) below its average total costs but above its average variable costs. C) below its average variable costs. D) above its average fixed costs but below its total variable costs.
Economics