--%>
Assignment Help - homework help

Define Inferior good

Inferior good: It is a good for which, other things equivalent, a rise in income leads to a reduction in demand.

   Related Questions in Microeconomics

  • Q : Weakest and least efficient producers

    Cartels are generally supported most strongly by: (w) the largest and most efficient producers in the industry. (x) the weakest and least efficient producers in the industry. (y) buyers of the output of the industry. (z) consumer advocate groups.

    		•
  • Q : Taxes on pure land rent Taxes on pure

    Taxes on pure land rents: (1) especially distort economic behavior. (2) are forward shifted to consumers. (3) transfer income from the public treasury to private landowners. (4) are allocatively neutral relative to most alternative taxes. (5) are over

    		•
  • Q : Determine least price elasticity in

    Of all of the known ranges on such supply curves, the supply of tanks of dehydrated water is least price elastic in between: (i) point a and point b. (ii) point b and point c. (iii) point c and point d. (iv) point e and point f. (v) point g and point

    		•
  • Q : Market demand of purely competitive

    How purely competitive industries respond to raises in market demand depends upon: (w) the time period considered. (x) immediate quantity adjustments and longer run price adjustments. (y) each firm’s average total costs. (z) the slope of the mar

    		•
  • Q : Maximize profits with producing demand

    An imperfectly competitive firm can’t maximize its profits through producing where demand is: (w) elastic. (x) unitarily elastic. (y) inelastic. (z) downward sloping. Can someone explain/help me with best sol

    		•
  • Q : Comparable the changes in TC and TVC

    Tell me the answer of this question. In comparing the changes in TC and TVC associated with an additional unit of output, we discover that: A) the change in TVC is equal to MC, while the change in TC is equal to TFC. B) the change in TC exceeds the change in TVC. C) t

    		•
  • Q : Family Allowance Plans for Payments

    Family Allowance Plans [FAPs] as like those common in many European nations give: (w) incentives for couples to live together without marriage due to the punitive tax rates. (x) payments that are roughly enough to feed and clothe each child in a famil

    		•
  • Q : Monopsonistic-Wage Discrimination

    Whenever an organization’s wage structure reflects the keenness of individual staff to work, terms which are most applicable comprise: (p) Monopsonistic exploitation & wage discrimination. (q) Monopolistic exploitation and the separation of possession and co

    		•
  • Q : Price elasticity of supply of commodity

    Determine the price elasticity of supply of a commodity whose straight line supply curve passes via the origin forming an angle of 45 degree/75 degree? Answer: Unit

    		•
  • Q : Average variable cost at price of

    A monopoly facing a demand curve which has segments higher than its average variable cost curve that sets price: (w) equal to MR. (x) equal to marginal costs [MC]. (y) from the market demand curve after finding the quantity where is m

    		•