About six months ago, Pat lost the job as vice president of a local bank. Since losing the job, Pat still has the Sunday newspaper delivered every week. For Pat, the Sunday newspaper is
A) income inelastic.
B) price inelastic.
C) an inferior good.
D) a normal good because Pat still buys the paper even with a big loss of income.
A
You might also like to view...
If the government imposes a price ceiling below the market equilibrium price, which of the following will result?
a. There will be a surplus of the good. b. The quantity demanded will exceed the quantity supplied. c. The quantity supplied will exceed the quantity demanded. d. The demand curve will shift to the left.
An automobile manufacturing plant opens in Alabama, and its owner, all of the workers, and all raw materials are from Japan. How would the purchase of an automobile from this plant change U.S. GDP and GNP?
a. It would increase GNP and GDP. b. It would increase GNP and leave GDP unchanged. c. It would increase GDP and leave GNP unchanged. d. It would leave both GDP and GNP unchanged.