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

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