Multiple Choice
Figure 4.1
A consumer's original utility maximizing market basket of goods is shown in Figure 4.1 as point A. Following a price change, the consumer's utility maximizing market basket changes is at point B.
-Based on Figure 4.1, food is:
A) a normal good.
B) an inferior good, but not a Giffen good.
C) a Giffen good.
D) none of the above
Correct Answer:

Verified
Correct Answer:
Verified
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