What are inferior goods?
What will be an ideal response?
Answer: goods for which the demand falls when income rises
Economics
You might also like to view...
From 1900 to 1960, Latin America's real GDP grew
A) slower than Europe, Asia, and the U.S. B) as fast or faster than Europe, Asia, and the U.S. C) faster than Europe and the U.S. but slower than Asia. D) faster than Asia, but slower than Europe and the U.S.
Economics
Due to Pigou's "defective telescopic faculty," a market economy is inefficient in allocating resources between the present and the future
a. True b. False Indicate whether the statement is true or false
Economics