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14.73 MIT The Challenges of Global Poverty II > Quiz 14 > Flashcards

Quiz 14 Flashcards

1
Q
A

positive

Kinda flat

negative

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2
Q

What is a normal/luxury good?

A

A good you consume more of when richer.

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3
Q

What is an inferior good?

A

A good you consume less of when richer

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4
Q

For a Giffen good, the income effect must___the substitution effect.

A

overcome

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14.73 MIT The Challenges of Global Poverty II (38 decks)

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