When household incomes go down and the quantity of a product demanded goes up, the product is:（）
A: an inferior good.
B: a necessity.
C: a luxury good.
A: an inferior good.
B: a necessity.
C: a luxury good.
举一反三
- Whether a good is a luxury or necessity depends on the A: price of the good. B: preferences of the buyer. C: intrinsic properties of the good. D: scarcity of the good.
- The relative price of a good is A: an opportunity cost. B: equal to the money price of a good. C: equal to the price of that good divided by the quantity demanded of the good. D: what you get paid for babysitting your cousin.
- A Giffen good must be an inferior good. A: 对 B: 错
- If there is a shortage of any product, prices of that product usually _____________. A: will go up B: goes up C: go up D: would go up
- If a 4% increase in income causes a 2% increase in the amount of books demanded, then A: The income elasticity of demand for books is negative B: Books are a necessity and a normal good C: Books are luxury goods D: Books are inferior goods