When you get hired for a well-paying job, you will most likely view older used cars as<u> inferior goods.</u>
<h3><u /></h3><h3><u>What are inferior goods?</u></h3>
As consumer income rises, customer demand declines for a class of inferior goods. Low-cost alternatives to "normal products," or necessities like food and household supplies, are frequently found in inferior goods. For instance, when someone's wage is cut, they might buy cheaper, poorer things than they would otherwise. When their earnings increases again, they're more likely to buy regular things rather than cheap ones.
The word "inferior" refers to the product's price and perceived worth rather than its quality. The quality may occasionally be inferior to an equivalent standard good, but it may also occasionally be the same. In reality, there are occasions when the only distinctions between regular goods and equal substandard goods are the packaging and price of the goods.
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Answer:
The correct answer is letter "B": pay differential.
Explanation:
Pay differential refers to the extra income received by an employee as a result of working out of the established working hours agreed in his or her contract. Pay differential is usually the monetary benefit a worker receives after working overtime or during a graveyard shift.
Explanation:
The social environment, social context, sociocultural context or milieu refers to the immediate physical and social setting in which people live or in which something happens or develops. It includes the culture that the individual was educated or lives in, and the people and institutions with whom they interact.
Answer:
The correct answer is:
demands reflect a decision about which wants to satisfy and a plan to buy the good, while wants are unlimited and involve no specific plan to acquire the good. (d)
Explanation:
Let me first try to define what demand and want are:
want: want is a desire for a product or service. It is said that wants are unlimited, however, the resources to actualize such wants are in a limited supply.
Demand: Demand is the quantity of good or service that a person is willing and able to pay for because of the availability of resources to do so, at a given price and time.
For a clearer understanding, demand can be seen as a subset of want that a consumer takes a further step to acquire, not just desire. There is a specific plan to acquire such wants.
