Question: DONT EXPLAIN, JUST TYPE LETTER ONLY, PLEASE CORRECT ANSWER When Mo's income went up by 50%, all else equal, he increased the number of times

DONT EXPLAIN, JUST TYPE LETTER ONLY, PLEASE CORRECT ANSWER

When Mo's income went up by 50%, all else equal, he increased the number of times he goes to the ballet each year by 20%. For Mo, the ballet must be:

a.

a normal good that is neither a necessity or a luxury.

b.

an inferior good.

c.

a necessity.

d.

a luxury.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!