3. (Figure: Income and Fruitcake I) Which of the following statements is TRUE? Income/day $200 150 100 50 0 1 2 3 4 5 6 7 8 9 10 Fruitcake a. Fruitcake is a normal good until income reaches $120, and then it becomes an inferior good. b. Fruitcake is a normal good regardless of income level. c. Fruitcake is an inferior good until income reaches $120, and then it becomes a normal good. d. Fruitcake is an inferior good regardless of income level.

3. Oigurs Inome and Fnitcalie I) Which of the following secternents is TRUE? tncome/d a. Fruitcake is a normal good until income reaches $120, and then it becomes an inferior good. b. Fruitcake is a normal good regardless of income level. c. Fruitcake is an inferior good until income reaches $120, and then it becomes a normal good. d. Fruitcake is an inferior good regardless of income level