I need the answer as soon as possible (3) Good X is an inferior good if a decrease in income leads toA. an increase in the supply of good X.B. a decrease in the supply of goodX.C. an increase in the demand for good X.D. a decrease in the demand for good X.

Inferior Goods are those goods which is low in quality and have opposite income effect than the…

Answered: (3) Good X is an inferior good if a…

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 4.8P

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Similar questions

Question 11 A shift in the demand curve of a good is a result of which of the following? Change in consumer’s income Change in the price of its complement good A: 1 only B: 2 only C: Both 1 and 2 D: Neither 1 nor 2
8) If the cost of producing Good A falls, this will cause A) an increase in the market price of Good A. B) a shift in the demand for Good A. C) a shift in the supply of Good A. D) none of the above
09. If demand changed from D1 to D2 as a result of a decrease in buyers' income this product is a) a normal good. b) an inferior good. c) a free good. d) a complementary good.
Exercise 1. The demand for your product X has been estimated to beQX = 7, 880 − 4PX − 2PY + PZ − 0.1M where Y and Z are other (related) products. The relevant price and income data are asfollows: PX = 10, PY = 15, PZ = 50, M = 40, 000 a. Which goods are substitutes for X? Which are complements?b. Is X an inferior or a normal good?c. How much X will be purchased?
1. These are factors affecting the demand to increase and decrease, EXCEPT one. A. Raw materials C. Consumer Tastes B. Producer Preferences D. Price of related goods
1. These are factors affecting the supply to increase and decrease, except one. A. Technology C. Producers Tastes B. Producer Preferences D. Consumer preferences 2. These are factors affecting the demand to increase and decrease, EXCEPT one. A. Raw materials C. Consumer Tastes B. Producer Preferences D. Price of related goods
A change in which variable will change the market demand for a product? Question 82 options: A) population B) the prices of substitutes in production C) the price of the product D) technology
19. Presently the real income of households are decreasing what do you think will happen to the demand for normal and inferior goods. Explain.
Answer True/False 1.A change in the price of a good will cause a shift in its demand curve. 2.An increase in consumers’ incomes will cause an expansion in the demand of all goods. 3.The price charged for a good is the equilibrium price. 4.An inferior good is one that has been badly produced. 5.Mad cow disease led to an increase in the price of pork.
II. For the inferior good, draw and interpret a graph showing demand curve and a shift in the curve if your income increases.
An increase in the demand for computer games could be caused by .......... a) a decrease in the price of computer games b) a decrease in the price of computers if computers are complements to computer games
09. Which of the following statements is False? a) Supply is a relationship between price and quantity. b) Demand represents the willingness and ability of buyers to buy quantities of a good at various prices. c) The demand relationship represents the specific quantity of a good demanders have bought. d) All of the above e) None of the above

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(3) Good X is an inferior good if a decrease in income leads to A. an increase in the supply of good X. B. a decrease in the supply of good X. C. an increase in the demand for good X. D. a decrease in the demand for good X.