With Only Two Goods,if the Income Effect Is in the Same

question 1

Multiple Choice

With only two goods,if the income effect is in the same direction as the substitution effect then the good is

• A)normal
• B)inferior but not Giffen
• C)Giffen
• D)There is not enough information to answer.

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Definitions:

Human Body

The physical structure of a person, comprising various biological systems that ensure survival and reproduction.

Multicellularity

The condition of an organism being composed of more than one cell, which allows for the differentiation of cells into specialized types and forms.

Billion Years

A unit of time equal to 1,000 million years, often used in geology, astronomy, and describing the age and evolution of the Earth and universe.

Millipede

A class of invertebrates characterized by having two pairs of jointed legs on most body segments, known for their slow movement and detritivorous diet.