Question: If an increase in income leads to a decrease in the demand for salami, then salami is A . a necessity. B . a neutral

If an increase in income leads to a decrease in the demand for salami, then salami is
A. a necessity.
B. a neutral good.
C. an inferior good.
D. a normal good.
If an increase in income leads to a decrease in

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!

Q:

If an increase in income leads to a decrease in the demand for popcorn, then popcorn is A) an inferior good. B) a neutral good. C) a necessity. D) a normal good. thank you

Q:

Answer the questions clearly. Make sure you solve all of them correctly with the right answer. No cursive please. 9:28 AM Mon Oct 12 + 20.2 +5I .)) 8. The elasticity of demand for a product is likely...

Q:

pletion Status: QUESTION 6 If a decrease in income leads to a decrease in the demand for iced coffee, then iced coffee O a. a complement O b. a neutral good O c. a necessity O d. a normal good...

Q:

11. The nations of Catachan and Mordia both produce only two things in their facto plasteel and ceramite. Mordia trades with Catachan, sending 2 tons of plasteel for every ton of ceramite it receives...

Q:

Tell if the following are true or false, If false tell why (a) For a normal good, the income effect reinforces the substitution effect, so the demand curve slopes downward. For an inferior good, the...

Q:

Q11-Q20 1.Suppose that when the price of hamburgers decreases, the Ruiz family increases their purchases of ketchup. To the Ruiz family, Select one: a.hamburgers and ketchup are complements....

Q:

the following questions The price elasticity of demand for beef is estimated to be 0.60 (in absolute value). This means that a 20 percent increase in the price of beef, holding everything else...

Q:

1. Assume a consumer finds their total expenditure on burritos increases by 20% after the price of burritos declines by 20%. Which of the following is true? a. The consumers demand for burritos is...

Q:

QUESTION 1 Assume 300 billion pounds of Ostrich meat is produced per year when the price is 50 cents per pound, and 500 billion pounds when the price is 60 cents per pound supply of Ostrich meat,...

Q:

Solve the following questions correctly.,,, Section A: MULTIPLE CHOICE QUESTIONS: Choose the one alternative that best answers the question. 1) For a market to be perfectly competitive, there must...

Q:

Exercise 3 Consider a fair die (6 sides with numbers from 1 to 6), and a fair coin with the numbers 0 and 1 on its sides. Both die and coin are thrown at the same time. (i) What is the probability of...

Q:

Explain when a company will perform capital rationing. Consider the information below and determine whether your company should produce a particular component in-house or whether the company should...

Q:

in athletic fundraising, what percentage of all monies come from what percentage of owners

Q:

The interest rate that is necessary for a deposit of $1,000 to grow to $5,474 after 15 years of interest compounded annually is__________ % per year.