Purchases tend to fall with decreases in buyers incomes

Reference no: EM13685012

1. For most products, purchases tend to fall with decreases in buyers' incomes. Such products are known as ( )

1. Inferior goods or giffen goods

2. Direct goods.

3. Average goods.

4. Normal goods or superior good

2. “We have to decrease our dependence and consumption of fossil oil” is a----------- statement whereas “our decreased dependence and consumption of fossil oil will decrease our footprint on the environment” is a ------------ statement.

1. Positive & True

2. Normative & Positive

3. Negative & Positive

4. Positive & Normative

Reference no: EM13685012

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