Your indifference curves for good X (horizontal axis) and good Y (vert
Your indifference curves for good X (horizontal axis) and good Y (vertical axis) are vertical lines because you do not gain any satisfaction from consumption of Y.
As the price of X declines, the change in consumption of X is entirely composed of the: A) income effect.
B) substitution effect.
C) Giffen effect.
D) independent good effect.
ANSWER
A
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