Economics For Today
Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Chapter 5, Problem 22SQ

If a good is inferior in an economic sense,

  1. a. it is demand price elastic.
  2. b. it is demand price inelastic.
  3. c. the income elasticity of demand is negative.
  4. d. it is a low-quality good.
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when the income elasticity of demand is greater than unity, the commodity is  a. A non-related good. b. A luxury c. An inferior good d. A necessity
The demand for a good will be less price elastic, Select one: a. The larger is the percentage of income spent on it b. The higher is its price c. The smaller the supply of the good d. The fewer the substitutes available for the good e. The fewer there are complements for the good
1. The price elasticity of demand for bread A. is computed as the percentage change in quantity demanded of bread divided by the percentage change in price of bread. B. will be higher if there is a new product that is a close substitute for bread. C. will be higher if consumers consider bread to be a necessity. D. All of the above are correct. E. A and B, only

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