For an inferior good, if the income effect more than offsets the substitution effect, we call that good
A) a Giffen good.
B) a normal good.
C) an inferior good.
D) a neutral good.
A
Economics
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If people like their goods in fixed proportions, the two goods are
a. perfect substitutes b. perfect complements c. complements (but not perfect) d. substitutes (but not perfect)
Economics
According to the text, economics offers the business person
A) a substitute for the accounting department. B) a substitute for the marketing department. C) a way to forecast demand. D) an approach to thinking. E) a replacement for the personnel department.
Economics