2. Thrift store clothing is considered an inferior good. The demand for thrift store clothing decreases as the consumer's income decreases decreases as the price of a substitute increases increases as the consumer's income decreases increases as the consumer's income increases
2. Thrift store clothing is considered an inferior good. The demand for thrift store clothing decreases as the consumer's income decreases decreases as the price of a substitute increases increases as the consumer's income decreases increases as the consumer's income increases
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 7PA: Maria has decided always to spend one third of her income on clothing. a. What is her income...
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