1- Which one of the following is the best example of an inferior good? Automobil

Question

1- Which one of the following is the best example of an inferior good?

Automobiles

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2- If the sellers of a good are unable to set their own prices (i.e., there is a “going price”), the demand for the good faced by a particular seller is ...

zero.

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Shoes Price Quantity In the graph above, which line represents a demand curve that is relatively, but not perfectly, inelastic? O Line A O Line B Line C Line D Line E

Explanation / Answer

1. The correct answer is D. As income rises the demand for it will fall.

2. The correct answer is A. The supply curve will be flat.

3. The correct answer is option E.

4. The correct answer is D.

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