36. Winnie spends all of his income on honey and maple syrup. Because he views ROHey perfect substitutes, he is willing to substitute honey for maple syrup at the constant rate of 1 teaspoon of hon to 2 teaspoons of maple syrup. If the price of honey in terms of maple syrup is 2.2, Winnie's optimal consumption bundle will consist entirely of maple syrup. True OFalse ipie syrup as a.

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Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.