Suppose you drink more tea because the price of coffee has increased.Which of the following best explains your action?
A) the law of supply
B) tea and coffee are complements
C) the substitution effect
D) the income effect
E) your nominal income has increased
Correct Answer:
Verified
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Q15: Which of the following statements about the
Q17: For which of the following would the
Q18: The substitution effect of a price change
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Q20: The income effect refers to the impact
Q21: Exhibit 4-1 
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