false
Small Kevin Chen

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5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good5. A commodity has no substitutes and is very expensive. Purchasing this commodity takes up most of the consumer’s income, and they must purchase it because it is a necessity good. a) this is an elastically demanded good (false because elasticity occurs when there are many substitutes and when the good takes up small portion of income) b) this is an inferior good c) this is a normal good d) This is a Giffen good

Answer

Small Tutor Aaron Lee

Answer is D. A Giffen good has close to no substitutes, takes up a large portion ...