If Holly's demand for fast food decreases as her income rises, then
a. fast food is a normal good for her
b. the law of demand must apply
c. fast food is a complementary good
d. fast food is an inferior good for her
e. fast food is a substitute good
D
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Explain what increases in the price of oil have done to the exploration and extraction of oil from more costly sources of oil. What are some of these more costly sources of oil, and what happens to the quantity of proven oil reserves?
What will be an ideal response?
Which of the following statements is TRUE of static tax analysis?
A) A government receives lower tax revenues by raising the tax rate. B) A government receives higher tax revenues by raising the tax rate. C) A government cannot change it tax revenues by changing the tax rate. D) A change in the tax rate can raise or lower tax revenues, depending on other factors.