Assume that store brand cereal is an inferior good.If income rises,then the price of store brand cereal will ________ and the quantity sold of store brand cereal will _______.
A) rise;rise
B) rise;fall
C) fall;fall
Correct Answer:
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Q59: Carter has budgeted $40 per month for
Q60: Q61: If incomes fall by 5 percent and Q62: Supply is very elastic when Q63: Ceteris paribus,if income increases and as a Q65: Elasticity of supply tells us Q66: The demand for normal goods Q67: Suppose income falls 5 percent in a Q68: A good is normal if the sign Q69: The formula for the elasticity of supply
A)The quantity supplied
A)How much sellers
A)Rises when incomes
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