(Figure: Income and Fruitcake I) Which of the following statements is TRUE? 
A) Fruitcake is an inferior good regardless of income level.
B) Fruitcake is a normal good regardless of income level.
C) Fruitcake is a normal good until income reaches $120, and then it becomes an inferior good.
D) Fruitcake is an inferior good until income reaches $120, and then it becomes a normal good.
Correct Answer:
Verified
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