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If You Are Grocery Shopping and You See That the Price

Question 77

Multiple Choice

If you are grocery shopping and you see that the price of beef has risen and as a result you change your planned menu for the week and buy chicken instead, the reason your demand curve for beef is downward sloping has mostly to do with


A) the substitution effect.
B) the real-balances effect.
C) diminishing marginal utility.

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