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

question 65

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 Y is certainly a(n) ________ good.

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

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