14. Based on the following diagram, hamburger is M($/wk) E A normal good b. A luxury good C. d. e. E Hamburger An inferior good Either a luxury or normal good Cannot tell from the graph provided
14. Based on the following diagram, hamburger is M($/wk) E A normal good b. A luxury good C. d. e. E Hamburger An inferior good Either a luxury or normal good Cannot tell from the graph provided
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![14. Based on the following diagram, hamburger is
M($/wk)
E
A normal good
b. A luxury good
C.
d.
e.
E
Hamburger
An inferior good
Either a luxury or normal good
Cannot tell from the graph provided
15 A rise in price of a good always leads to
a.
b.
A decrease in the quantity purchased of the good
An income effect leading to lower quantities of the go
A substitution effect leading to less (or least not more
An Income and substitution effect
C.
d.
e. Both c and d](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3d24a8ee-8aee-4026-80f3-45e4c3f31846%2F58acaacb-e8cc-4638-ac8b-300e3fcc6584%2Fu5lxa2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:14. Based on the following diagram, hamburger is
M($/wk)
E
A normal good
b. A luxury good
C.
d.
e.
E
Hamburger
An inferior good
Either a luxury or normal good
Cannot tell from the graph provided
15 A rise in price of a good always leads to
a.
b.
A decrease in the quantity purchased of the good
An income effect leading to lower quantities of the go
A substitution effect leading to less (or least not more
An Income and substitution effect
C.
d.
e. Both c and d
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