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billyhilly billyhilly
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5 years ago

Question 1.

If a decrease in income results in a decrease in the quantity demanded for a product, the product is ________, and the value of the income elasticity of demand is ________.



▸ a normal good; positive

▸ a normal good, negative

▸ an inferior good; positive

▸ an inferior good; negative

Question 2.

If an increase in income results in a decrease in the quantity demanded for a product, the product is ________, and the value of the income elasticity of demand is ________.



▸ a normal good; positive

▸ a normal good, negative

▸ an inferior good; positive

▸ an inferior good; negative
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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cuddahy99cuddahy99
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billyhilly Author
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#2
5 years ago
Good timing, thanks!
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