If Good X is an inferior good, an increase in consumer income shifts Group of answer choices a. the demand curve for Good X to the right. b. the demand curve for Good X to the left. c. the supply curve for Good X to the right. d. the supply curve for Good X to the left. e. both the supply and demand curves for Good X.
If Good X is an inferior good, an increase in consumer income shifts Group of answer choices a. the demand curve for Good X to the right. b. the demand curve for Good X to the left. c. the supply curve for Good X to the right. d. the supply curve for Good X to the left. e. both the supply and demand curves for Good X.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
If Good X is an inferior good, an increase in consumer income shifts
Group of answer choices
a. the demand curve for Good X to the right.
b. the demand curve for Good X to the left.
c. the supply curve for Good X to the right.
d. the supply curve for Good X to the left.
e. both the supply and demand curves for Good X.
Expert Solution
Step 1
Demand curve is downward sloping, showing inverse relationship between price and quantity demanded.
Supply curve is upward sloping, showing direct relationship between price and quantity supplied.
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