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.
Which one of the following is not a soap?
The highest surcharge rate of 37% on income above 5 crores shall be reduced to ______ % under the new tax regime?
Which Article of the Constitution of India empowers a high court to issue a writ?
In the context of open economy, forex stands for which of the following?
In which year Shinzo Abe became the PM of Japan for the first time?
After India, which country was the second most significant arms importer in the world?
Where is the origin of Western Cyclonic Fever?
In the context of digital governance services, S3WaaS stands for:
In which financial year India signed the Extended Fund Facility Agreement with the IMF?
Which of the following countries is the largest producer of milk?
