Which of the following buys goods for personal use?
a. consumer
b. a person who is broke
c. people who have not maxed out their credit cards
d. client
Ans: a. consumer
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Which of the following is usually true about government-provided goods?
a. These goods have a zero opportunity cost. b. These goods are not scarce. c. People do not have to pay a fee to enjoy these goods. d. The invisible hand is at work to ensure these goods are provided in the market
For inferior goods
A. the substitution and income effects of a price increase will both decrease the quantity of the good demanded. B. the substitution and income effects of a price increase will both increase the quantity of the good demanded. C. the substitution effect of a price increase will decrease the quantity of the good demanded while the income effect of a price increase will increase the quantity of the good demanded. D. the substitution effect of a price increase will increase the quantity of the good demanded while the income effect of a price increase will decrease the quantity of the good demanded.