Multiple Choice
Identify the truthfulness of the following statements.
I. For normal goods, the income and substitution effects work in the same direction.
II. Some normal goods are Giffen goods.
A) Both I and II are true.
B) Both I and II are false.
C) I is true; II is false.
D) I is false; II is true.
Correct Answer:
Verified
Correct Answer:
Verified
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