Which of the following is the best example of the concept of "inferior"?

A. Hot dogs and hot dog buns
B. Ramen noodles
C. Coke and Pepsi
D. SUVs

Answer: B

Economics

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A Nash equilibrium is

A) reached when an oligopoly's market demand and supply intersect. B) reached when each player chooses the best strategy for himself and for the group. C) an equilibrium comprising non-dominant strategies only. D) reached when each player chooses the best strategy for himself, given the other strategies chosen by the other players in the group.

Economics

Which of the following is a transfer payment? I. Social Security II. Unemployment benefits

A) I only B) II only C) Both I and II D) Neither I nor II

Economics