QUESTION 12
Which of the following correctly completes this statement? An inferior good is a good
with a negative income elasticity of demand.
with a negative elasticity of supply.
with an income elasticity of demand between 0 and 1.
with a price elasticity of demand equal to 0
QUESTION 13
The quantity demanded of Pepsi has decreased. The best explanation for this is that
the price of Coca-Cola has increased.
Pepsi’s advertising is not as effective as in the past.
the price of Pepsi increased.
Pepsi consumers had an increase in income
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