Asked by
Alisa Maldonado
on Oct 27, 2024Verified
Mr.Coiner is always willing to exchange two nickels for a dime,no matter how many nickels and dimes he has.This implies that nickels and dimes are ordinary goods for Mr.Coiner.
Ordinary Goods
Goods for which demand increases as consumer income increases and decreases as consumer income decreases, opposite to inferior goods.
- Examine examples that demonstrate the substitution principle within the framework of perfect substitutes and regular commodities.
Verified Answer
ST
Learning Objectives
- Examine examples that demonstrate the substitution principle within the framework of perfect substitutes and regular commodities.
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