2) If the demand for sardines increases as income decreases, sardines are a(n) 1 point A) normal good. B) inferior good. C) substitute good. D) complementary good. 3) In response to news reports that taking aspirin daily can reduce an individual's risk of a heart attack, there will most likely be a(n) 1 point A) increase in the supply of aspirin. B) decrease in the supply of aspirin. C) increase in the demand for aspirin. D) increase in the quantity demanded of aspirin.
Question
- If the demand for sardines increases as income decreases, sardines are a(n) 1 point A) normal good. B) inferior good. C) substitute good. D) complementary good.
- In response to news reports that taking aspirin daily can reduce an individual's risk of a heart attack, there will most likely be a(n) 1 point A) increase in the supply of aspirin. B) decrease in the supply of aspirin. C) increase in the demand for aspirin. D) increase in the quantity demanded of aspirin.
Solution
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If the demand for sardines increases as income decreases, sardines are a(n) The correct answer is B) inferior good. This is because an inferior good is a type of good that sees an increase in demand as the income of the consumer decreases.
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In response to news reports that taking aspirin daily can reduce an individual's risk of a heart attack, there will most likely be a(n) The correct answer is C) increase in the demand for aspirin. This is because the news reports act as a form of advertising, informing consumers about the benefits of aspirin, which in turn increases the demand for it.
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