PolhjleleGwhattymu
PolhjleleGwhattymu PolhjleleGwhattymu
  • 01-04-2016
  • Business
contestada

True or False:If the price of a product goes up by 10% and the quantity demanded goes up by 20% the product is an inferior good.

Respuesta :

meerkat18
meerkat18 meerkat18
  • 05-04-2016
False. 

If the price of a product goes up by 10% and the quantity demanded goes up by 20% the product is a GIFFEN GOOD. 

An inferior good is a good that decreases in demand if income increases. These are the goods that people opt not to buy when their purchasing power increases.
Answer Link

Otras preguntas

If each number is rounded to the nearest whole number, which statement is true? A = 6.9 + 8.3 B = 6.2 + 8.5 A = B A < B A > B
The energy to power passive transport comes from:
What religion got caught in the middle of wars between Catholicism and Islam in Spain?
How are light years used to measure distances in the universe
Is 7.232 bigger than 76.343
To create an image that is not harmonious, an artist could
what fraction is equivalent to 1.7?
Is 7.232 bigger than 76.343
How did fighting between France and Britain in Europe and the Caribbean help the American cause? 1) It freed Spain to ally with Britain. 2) It left fewer Brit
markup is the best defined as