In economic language, children may sometimes be considered an "inferior good." What does that mean and why might it be true?
What will be an ideal response?
An inferior good is one for which smaller quantities are demanded at higher levels of income. The discussion should be framed in terms of greater opportunity cost of children when incomes rise and the substitution of quality of children (better health, education) for quantity.
Economics
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The loanable funds market is also referred to as the:
A) spot market. B) credit market. C) exchange market. D) capital market.
Economics
If buyers of a monopolistically competitive product feel the products of different sellers have little differences between them, then the demand for each seller's product is relatively elastic
Indicate whether the statement is true or false
Economics