12. Assume an individual's preferences are represented by the following indifference map and he has an income of $96. Which of the following is shown when the price of Good 2 is $16 and the price of Good 1 decreases from $12 to $6? 10 O 8 7 Good 2 5 4 3 2 0 2 A 10 12 14 16 18 20 Good 1 . Good 1 is a normal good. . Good 1 is an inferior good, but not a Giffen good . Good 1 satisfies the Law of Demand Ignoring the Income Effect, the Substitution Effect will cause the individual to consume less of Good 2. A