Kevin Chen

Budget: $15

Solved!

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

Tutor Aaron Lee

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


Log In


OR

Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit