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(Figure: Good Y and Good X VI) Assume That the Price

Question 120

Multiple Choice

(Figure: Good Y and Good X VI) Assume that the price of Good X is $100 per unit and the price of Good Y is $100 per unit. When income increases from $1,200 to $1600, Good Y is a (an) _____ good. (Figure: Good Y and Good X VI) Assume that the price of Good X is $100 per unit and the price of Good Y is $100 per unit. When income increases from $1,200 to $1600, Good Y is a (an) _____ good. A) necessity B) luxury C) inferior D) Giffen


A) necessity
B) luxury
C) inferior
D) Giffen

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