B. As long as the "recliner" values reclining less than
you value your leg space, you won't be able to
change to outcome.
C. If you value your leg space more than the "recliner"
values reclining, than you can pay them to stop
D. You will receive payment from the "recliner" in order
for them to be able to recline.
Since property rights were well-established, you ever values the good more will receive it. Thus if
you value your leg space more than they value reclining, you can pay them.
Question 10 of 10
A "Veblen good" is one for which
A. quantity demanded goes down as income goes up.
B. quantity demanded goes up as income goes up.
C. quantity demanded goes down as price goes up.
D. quantity demanded goes up as price goes up.
"Veblen good"s seem to break the law of demand, but once luxury preferences are accounted for,
they are fine.