FIGURE 6-4 -Refer to Figure 6-4.For Both Goods,the Price Falls from P₀

question 130

Multiple Choice

FIGURE 6-4
-Refer to Figure 6-4.For both goods,the price falls from P₀ to P₁.The substitution effect is illustrated by the change in quantity demanded from A to B; the income effect is illustrated by the change in quantity demanded from B to C.Good X is certainly a(n) ________ good.

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

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Definitions:

Internal Attribution

The inference that a person is behaving in a certain way because of something about the person, such as attitude, character, or personality.

Birth Cohorts

Groups of individuals born during the same period who experience similar historical and social conditions.

Internal Attribution

The process of ascribing the cause of a behavior to personal aspects such as personality, disposition, or attitude.

Self-Serving Bias

The tendency to take credit for success but deny responsibility for failure.