Multiple Choice
The following figure shows a portion of a consumer's indifference map and budget lines.The price of good Y is $17 and the consumer's income is $7,650.Let the consumer begin in utility-maximizing equilibrium at point A on indifference curve II.Next the price of good X changes so that the consumer moves to a new utility-maximizing equilibrium at point B on indifference curve I.Good X is a(an) ___________ good but not a _________ good. 
A) normal; substitute
B) normal; Giffen
C) inferior; Giffen
D) Giffen; normal
E) Giffen; substitute
Correct Answer:
Verified
Correct Answer:
Verified
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