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Figure 4.1 A Consumer's Original Utility Maximizing Market Basket of Goods Is

Question 51

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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 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

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