Which of the following correctly completes this statement

| November 24, 2016

Which of the following correctly completes this statement? An inferior good is a good

with a negative income elasticity of demand.

with a negative elasticity of supply.

with an income elasticity of demand between 0 and 1.

with a price elasticity of demand equal to 0

Production is inefficient

only when an economy is producing inside its production possibility frontier (PPF).

only when an economy is producing at the origin (0,0) on the PPF.

production is never inefficient.

only when the economy is producing outside the PPF.

Which of the following will unambiguously occur when there is a simultaneous increase in supply and decrease in demand?

an increase in equilibrium price

a decrease in equilibrium price

an increase in equilibrium quantity

a decrease in equilibrium quantity

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