1. The demand for good X shifted to the right as a result of an increase in consumer income. Good X is an inferior good.

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answerhappygod
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1. The demand for good X shifted to the right as a result of an increase in consumer income. Good X is an inferior good.

Post by answerhappygod »

1. The demand for good X shifted to
the right as a result of an increase in consumer
income.
Good X is an inferior good.
Good X is a substitute.
Good X is normal good.
2. Consider the following utility schedule:
(Hint: what should you calculate?) This utility
schedule exhibits:
diminishing marginal utility.
constant marginal utility.
increasing marginal utility.
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