Inferior goods have _________ and luxury goods have _________?

Related Mcqs:

If the quantity demanded of beef increases by 5% when the price of chicken increase by 20% the cross-price elasticity of demand between beef and chicken is ?

A. -4 B. 0.25 C. 4 D. -0.25...

A shift in aggregate supply is likely to ?

A. Reduce the general price level and reduce national income B. Reduce the general price level and increase national income C. Increase the general price level and reduce national income D. Increase the general price level and increase national income...

If both marginal cost and marginal revenue increase, a firm ?

A. Should increase output B. Should reduce output C. will require further information on how to respond D. Should not change output...

If a product is an inferior good ?

A. Demand is inversely related to income B. Demand in inversely related to price C. Demand is directly related to price D. Demand is inversely related to the price of substitutes...

If your income doubles and the prices of the goods you buy double then your demand for these goods will likely?

A. increase B. not change C. decrease D. shift...