(Figure: Good Y and Good X V) in Panel (A)

question 37

Multiple Choice

(Figure: Good Y and Good X V) In panel (a) , the price of good X is $1.50 per unit and the price of good Y is $3 per unit. In panel (b) , the consumer's income increased from $400 to $480.
Panel (a) Panel (b)

Using panel (a) , good X is a (an) _____ good.

• A) necessity
• B) luxury
• C) inferior
• D) Giffen

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Definitions:

Aristotle

An ancient Greek philosopher and polymath, whose writings covered diverse fields such as metaphysics, biology, ethics, and politics, significantly influencing Western intellectual history.

Phylogeny

The complete evolutionary history of a group of organisms.

Evolutionary History

Describes the processes and pathways through which species have changed and diversified over time from common ancestors.

Common Ancestor

The most recent individual from which any two or more species are descended.