This topic contains a solution. Click here to go to the answer

Author Question: By definition, an inferior good is a A) want that is not expressed by demand. B) normal ... (Read 48 times)

frankwu

  • Hero Member
  • *****
  • Posts: 549
By definition, an inferior good is a
 
  A) want that is not expressed by demand.
  B) normal substitute good.
  C) good for which demand decreases when its price rises.
  D) good for which demand decreases when income increases.

Question 2

Misty has the option of purchasing one of three products: Brand A, Brand B, or Brand C. Each costs ten dollars. If she decides that Brand A meets her needs best, then the opportunity cost of this decision is
 
  A) Brand B plus Brand C.
  B) twenty dollars.
  C) Brand A.
  D) Brand B or Brand C, depending on which is considered the highest-value alternative forgone.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

triiciiaa

  • Sr. Member
  • ****
  • Posts: 349
Answer to Question 1

D

Answer to Question 2

D




triiciiaa

  • Sr. Member
  • ****
  • Posts: 349

 

Did you know?

All adults should have their cholesterol levels checked once every 5 years. During 2009–2010, 69.4% of Americans age 20 and older reported having their cholesterol checked within the last five years.

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Did you know?

Blood is approximately twice as thick as water because of the cells and other components found in it.

Did you know?

When blood is deoxygenated and flowing back to the heart through the veins, it is dark reddish-blue in color. Blood in the arteries that is oxygenated and flowing out to the body is bright red. Whereas arterial blood comes out in spurts, venous blood flows.

Did you know?

Over time, chronic hepatitis B virus and hepatitis C virus infections can progress to advanced liver disease, liver failure, and hepatocellular carcinoma. Unlike other forms, more than 80% of hepatitis C infections become chronic and lead to liver disease. When combined with hepatitis B, hepatitis C now accounts for 75% percent of all cases of liver disease around the world. Liver failure caused by hepatitis C is now leading cause of liver transplants in the United States.

For a complete list of videos, visit our video library