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14 Oct 2018
37) Which statement is true for an inferior good? A) The substitution effect is positive; as price rises, consumption increases. B) The good is of poor workmanship. C) The income effect is absent; as income increases, consumption remains constant. D) The income effect works in the same direction as the substitution effect. E) The income effect works in the opposite direction to the substitution effect.
37) Which statement is true for an inferior good? A) The substitution effect is positive; as price rises, consumption increases. B) The good is of poor workmanship. C) The income effect is absent; as income increases, consumption remains constant. D) The income effect works in the same direction as the substitution effect. E) The income effect works in the opposite direction to the substitution effect.
Lelia LubowitzLv2
16 Oct 2018
