By definition, an inferior good is a
A) want that is not expressed by demand.
B) normal substitute good.
C) good for which demand decreases when its price rises.
D) good for which demand decreases when income increases.
D
Economics
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Assume that a perfectly competitive firm hires workers from a perfectly competitive market for labor. The marginal product of a worker is 10 units per day
If the good that the worker produces is sold for $5, what is the maximum daily wage that should be offered to the worker?
Economics
One cause of market failure may be the absence of clearly defined property rights
a. True b. False Indicate whether the statement is true or false
Economics