A student at New York University used to take the Redhound bus when she visited her grandmother in Boston
After graduating, although the bus fare and the plane fare were the same as they were when she was a student, with a well-paid job on Wall Street she now takes the plane to Boston to visit her grandmother. For this student, travel by Redhound bus is A) a normal good.
B) an inferior good.
C) a substitute good.
D) a complement good.
E) a good with negative preferences.
B
Economics
You might also like to view...
Briefly describe and discuss the different ways a natural monopoly can be regulated: Marginal cost pricing, average cost pricing, rate of return regulation, and price cap regulation
What will be an ideal response?
Economics
Refer to Table 2-12. What is Guatemala's opportunity cost of producing one canoe?
A) 1/6 of a sailboat B) 2/3 of a sailboat C) 6 sailboats D) 7.5 sailboats
Economics