If a good is an inferior good, then
...If a good is an inferior good, then
It is also necessarily a Giffen good
The quality of the goods demanded varies inversely with its price
Its income elasticity of demand is negative
The poor buy the good only out of habit
Correct answer is C
No explanation has been provided for this answer.
The effect of an increase in the personal income tax is to ...
Which of the following is NOT a type of business ownership? ...
Tax evasion in Economics means ...
During a sale by auction, the price at which the goods finally sold is determined mostly by ...
Governments in West African countries engage in running several enterprises because? ...
Which of the following is not a problem in the barter economy? ...
Given that Qd = 40-2P and Qs = 6P+24. Calculate the equilibrium price. ...
Which of the following is the function of an entrepreneur? ...
All economic systems must decide what to produce because ...
The type of business finance that entitle the holder to a fixed rate of dividend is ...