Economics · Consumer Behaviour
If an income-consumption curve (ICC) bends backward toward the y-axis, indicating that as income rises, less of good X is consumed and more of good Y is consumed, which of the following statements is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Good X is inferior and good Y is normal
- 2Good Y is inferior and good X is normal✓
- 3Both good X and good Y are normal
- 4Both good X and good Y are inferior
Correct answer
Good Y is inferior and good X is normal
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