Table 5-2
Quantities urchased
$\begin{array}{|c|c|c|}
\hline \text { Income(\$) } & \text { Good X } & \text { Good Y } \
\hline 30000 & 2 & 20 \
\hline 50000 & 5 & 10 \
\hline
\end{array}$
-Refer to Table 5-2.Good X is:
A)a normal good
B)an inferior good
C)underpriced
D)very price elastic

Question

Table 5-2
Quantities urchased
 $\begin{array}{|c|c|c|}
\hline \text { Income(\$) } & \text { Good X } & \text { Good Y } \
\hline 30000 & 2 & 20 \
\hline 50000 & 5 & 10 \
\hline
\end{array}$
-Refer to Table 5-2.Good X is:
A)a normal good
B)an inferior good
C)underpriced
D)very price elastic

Quizplus · Accepted Answer

Without specific data from Table 5-2, we can infer that Good X is considered a normal good because the question does not provide any context or information suggesting it is inferior, underpriced, or very price elastic. Normal goods are those for which demand increases as consumer income increases, which is a typical characteristic absent specific contrary data.

Table 5-2 Quantities Urchased -Refer to Table 5-2

Table 5-2
Quantities Urchased -Refer to Table 5-2