When a consumer experiences a price decrease for an inferior good, if the income effect is
a. less than the substitution effect, the demand curve will be downward sloping.
b. greater than the substitution effect, the demand curve will be upward sloping.
c. less than the substitution effect, the demand curve will be upward sloping.
d. both a) and b) are correct.
d
Economics
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Figure 4.5 illustrates a set of supply and demand curves for hamburgers. An increase in supply and an increase in demand are represented by a movement from
A) point c to point a. B) point d to point a. C) point d to point b. D) point b to point c.
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Collective bargaining is the process by which a labor union and a firm negotiate an employment contract
a. True b. False
Economics