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Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111 Exercise 14
When the price of a good rises, one effect of this change in price is that some consumers switch to more affordable substitutes, which helps us understand the law of demand. What is this effect called?
A) Marginal utility effect
B) Substitution effect
C) Price effect
D) Income effect
A) Marginal utility effect
B) Substitution effect
C) Price effect
D) Income effect
Explanation
Verified
Verified
Therefore,...
Economics for Today 9th Edition by Irvin Tucker
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