If a good is inferior in an economic sense:
a. it is demand price elastic.
b. it is demand price inelastic.
c. the income elasticity of demand is negative.
d. it is a low-quality good.
e. it is not the highest quality good in its class.
c
Economics
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In the figure above, if the market is at equilibrium, then the total consumer surplus equals the area ________ and the total producer surplus equals the area ________
A) A; B B) B; C C) C; B D) A; C E) A + B; C
Economics
Explain why the scarcity of resources causes people and nations to consider opportunity costs and trade-offs among choices. Give a personal example of an opportunity cost that you have faced and the impact of the decision you made.
Economics