The difference between an “inferior” good and a “normal” good in Economics is: a. The demand...
The difference between an “inferior” good and a “normal” good in Economics is:
a. The demand for a normal good decreases as the price increases,
which is not the case for an inferior good
b. The demand for a normal good increases as the price increases,
which is not the case for an inferior good
c. The demand for a normal good decreases as household income
increases, which is not the case for an inferior good
d. The demand for a normal good increases as household income
increases, which is not the case for an inferior good
Consider the market for McDonald’s hamburgers in Moscow. What outcomes does the basic model of supply and demand predict in this market if Zip’s decides to lower the prices on all of their hamburgers?
a. Price and quantity of McDonald’s hamburgers will both
decrease
b. Price and quantity of McDonald’s hamburgers will both
increase
c. Price of McDonald’s hamburgers will increase, quantity will
decrease
d. Price of McDonald’s hamburger will decrease, quantity will
increase
Homework Answers
Answer 1 : Option D is correct .The difference between an inferior good and normal good in Economics is the demand for a normal good increases as household good increases which is not the case for an inferior goods. It means that as income increases , demand for normal goods increases and vica versa happened.
Answer 2 : Option D is correct. As if zip decided to reduce the price of the hamburger than Quantity demanded has been increased. There is an inverse relationship between quantity demanded and price of the product.
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