Business

16 June, 14:50

Scott consumes only two goods, rice and soup. His preferences are complete, transitive, monotonic and convex. When the price of rice falls, he buys more rice and the same amount of soup.

Based on this information we can say that:

a) Rice is necessarily a normal good.

b) Rice is necessarily an inferior good.

c) Soup is necessarily a normal good.

d) Soup is necessarily an inferior good.

e) None of the above

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