Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose that a utility maximizing consumer is usually purchasing two goods, pizza (a normal good) and pens. Suppose that the price of pizza decreases and

Suppose that a utility maximizing consumer is usually purchasing two goods, pizza (a normal good) and pens. Suppose that the price of pizza decreases and as a result the quantity purchased of pens increases, cetris paribus. We can thus say that pens are..

A. Inferior Good

B. Luxuries

C. Necesseties

D. Normal goods

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Economics questions