Question
In two commodity worlds if one good is
inferior then the other must beSolution
If a good is inferior, then the consumer buys more of it when their income decreases, and less when their income increases.
Let's think about the scenario given. The consumer has two goods available, and when their income decreases, they buy more of both goods. How is this possible? The consumer's budget set has shrunk, so the total value of what they buy must go down, but we're predicting that consumption of each good goes up. We therefore must conclude that it is impossible for both goods to be inferior.
Select the correct water image of the given pattern, assuming that water is parallel to XY.
If ‘+’ means ‘−’, ‘−’ means ‘×’, ‘×’ means ‘÷’ and ‘÷’ means ‘+’, what will come in place of ‘?’ in the foll...
Given in the table are the number codes for the given letters. Select the combination of numbers so that the letters arranged accordingly will form a me...
Three statements are followed by four conclusions numbered I, II, III and IV. You have to consider these statements to be true, even if they seem at va...
In a certain code language, 'ACD' is coded as '12', and 'BEA' is coded as '10'. How will 'ECG' be coded in that language?
Three of the following four are alike in a certain way and hence form a group. Which is the one that does not belong to that group?
What should come in place of the question mark (?) in the given series?
10 27 45 64 84 ?
Which of the following numbers will replace the question mark (?) in the given series
32, 32, 32, 34, ?, 106, 530
Each of the letters below has been assigned a unique number. Select the combination of numbers such that the corresponding letters when arranged accord...
What should come in place of the question mark (?) in the given series?
8, 21, 34, 47, 60, ?
