Business, 07.04.2020 18:05 lilgetald

An inferior good is Multiple Choice

A. one whose demand curve will shift rightward as incomes rise.

B. not accurately defined by any of these statements.

C. one that has not been approved by the Federal Food and Drug Administration.

D. one whose price and quantity demanded vary directly.

Answers: 2

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Answer from: jv910699

B. not accurately defined by any of these statements.

Explanation:

An inferior good is defined as one whose the quantity demanded decreases as the income of its consumers increases and vice versa.

Option A is incorrect because the income elasticity for inferior goods is negative and therefore, as the income of the consumers increases, the demand curve shifts to the left.

Option C is incorrect because an inferior good does not necessarily mean a fake good. A good can be inferior but yet meet all the standards for approval by the FDA.

Option D is incorrect. The price and quantity demand for inferior goods, just like normal goods do not vary directly. This is only applicable to luxurious goods.

None of the statements in A, C, and D accurately defined an inferior goods.

Hence, the correct option is B.

Answer from: maribel2421

B. not accurately defined by any of these statements.

Explanation:

Inferior goods are goods whose demand decreases as the consumers income increases. This is different for normal goods in that the more the consumer earns, the more he/she tends to buy.

As such, inferior goods are not necessarily goods that has not been approved by the Federal Food and Drug Administration.

For Inferior goods, prices and quantity demanded do not vary proportionately.

Furthermore, the demand curve for an inferior good shifts out (rightward) when income decreases and shifts in when income increases.

Answer from: Quest

answer: a. the kind of population living in your neighbourhood.

the census explorer data tool by the us census bureau allows the user to zoom in on any neighbourhood within the united states and find the kind of people residing in that by race and age.

the tool needs to needs to be used twice – once in order to find what type of people reside in a neighbourhood, and then to see the age groups of the people in the same neighbourhood.

Answer from: Quest

answer; competency based pay;

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An inferior good is Multiple Choice

A. one whose demand curve will shift rightward as i...

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