The term inferior goods refers to goods that consumers demand less of when their incomes increase. The demand of this good would also decrease when the real GDP of the country increases. This would happen when a good would have a substitute that has more cost or price which would have an increase its demand as the people improve their income. An example would be coffee. A coffee from Mcdonald would be inferior to the coffee that is from Starbucks. When a person's income decrease, he would tend to buy coffee daily from McDonald since it is more affordable as compared to Starbucks. However, when his income rises, he would be preferring the one from Starbucks.
<span>Bacteria that are attracted to oil and are used to clean up oil spills are called: </span>oleophilic.
Answer:
Option "C" is the correct answer to the following statement.
Explanation:
The income statement is a type of financial account that shows a firm's profit or loss for a particular period.
An investor wanted to invest in a firm that has higher profitability than the other firm or organization, Income statements help him to know about the profitability of a firm.
- Income statement describes how to profit generated and how much profit or dividend distributed by firm.
Answer:
A) elastic.
Explanation:
Demand elasticity is a microeconomic concept that aims to measure the sensitivity of demand in the face of price changes. When price goes up and demand goes down a lot, demand is said to be price elastic. When price rises and demand does not change significantly, demand is said to be inelastic to price. Therefore, if the rise in gasoline prices causes a decrease in the entrepreneur's revenue, we say that the demand for gasoline is elastic.