Suppose hamburger is an inferior good. If incomes increase, the __________ for hamburger would shift ____________ . Select one: a. demand curve; rightward b. demand curve; leftward c. supply curve; rightward d. supply curve; leftward

Suppose hamburger is an inferior good. If incomes increase, the for hamburger would shift __ . Select one: a. demand curve; rightward b. demand curve; leftward c. supply curve; rightward d. supply curve; leftward

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose hamburger is an inferior good. If incomes increase, the __________ for hamburger would shift ____________ .

Select one:

demand curve; rightward

demand curve; leftward

supply curve; rightward

supply curve; leftward

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

Expert Solution

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Inferior good is one that whose demand is negatively related to the income of an individual.

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