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In 2002, Rachel was a college student and she could barely afford to buy expensive clothes. However, in 2020 she earned RM120,000 a year as a senior accountant, and she spend at least RM1000 per month on clothes. Thus, we can conclude that Sally consider buying expensive clothes to be as a(n) O a. inferior good b. substitute good. O c. luxury good. O d. normal good.

In 2002, Rachel was a college student and she could barely afford to buy expensive clothes. However, in 2020 she earned RM120,000 a year as a senior accountant, and she spend at least RM1000 per month on clothes. Thus, we can conclude that Sally consider buying expensive clothes to be as a(n) O a. inferior good b. substitute good. O c. luxury good. O d. normal good.

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...
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In 2002, Rachel was a college student and she could barely afford to buy expensive clothes. However, in 2020 she earned RM120,000 a year as a senior accountant, and she spend at least RM1000 per month on clothes. Thus, we can conclude that Sally consider buying expensive clothes to be as a(n) O a. inferior good b. substitute good. O c. luxury good. O d. normal good.
Transcribed Image Text:In 2002, Rachel was a college student and she could barely afford to buy expensive clothes. However, in 2020 she earned RM120,000 a year as a senior accountant, and she spend at least RM1000 per month on clothes. Thus, we can conclude that Sally consider buying expensive clothes to be as a(n) O a. inferior good b. substitute good. O c. luxury good. O d. normal good.
There are TWO goods in this market for which, an increase in the price of one (Good X) leads to an increase in the demand for the other (Good Y). Thus both goods are called: O a. The substitute goods O b. An inferior goods O c. The complements goods O d. The normal goods
Transcribed Image Text:There are TWO goods in this market for which, an increase in the price of one (Good X) leads to an increase in the demand for the other (Good Y). Thus both goods are called: O a. The substitute goods O b. An inferior goods O c. The complements goods O d. The normal goods
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