Author Question: If the demand for beans tends to decline as incomes rise, everything else held constant, beans are ... (Read 170 times)

KimWrice · **on:** Jun 30, 2018

If the demand for beans tends to decline as incomes rise, everything else held constant, beans are _____.
a. luxury goods
b. normal goods
c. price sensitive
d. not price sensitive
e. inferior goods

Question 2

Farmers who work for themselves with their own equipment on their own land could earn accounting profits and economic losses at the same time.
a. True
b. False
Indicate whether the statement is true or false