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Sales of Spam are rising as consumers realize that Spam and other lower-cost foods can be substituted for costlier cuts of meat as a way of controlling their already stretched food budgets.
AOL Money & Finance, May 28, 2008
Is Spam a normal good or an inferior good? Explain.
Would the income elasticity of demand for Spam be negative or positive? Explain.
Spam is ______ good because ______.
A.
an inferior; as the income available to buy meat
decreases, consumers buy more spam
Your answer is correct.
B.
a normal; it is a complement of other foods
C.
an inferior; it is a substitute for other meats
D.
a normal; over time income increases and people buy more Spam
The income elasticity of demand for Spam is _______ because as income falls, the quantity of Spam demanded _______.
A.
negative; decreases
B.
positive; decreases
C.
positive; increases
D.
negative; increases