FIGURE 6-5 -Refer to Figure 6-5.For Both Goods,the Price Increases from P₀

question 92

Multiple Choice

FIGURE 6-5
-Refer to Figure 6-5.For both goods,the price increases 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)inferior
• B)normal
• C)luxury
• D)necessity
• E)Giffen

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