Answer to Question #71949 in Microeconomics for Daniel

Question #71949
The substitution effect can be defined as:
A.
the change in consumption that results from a change in the relative price of goods.
B.
the change in consumption that results from increased effective wealth due to lower prices.
C.
the change in consumption that results from increased effective wealth due to getting a raise.
D.
the change in income that results from increased effective consumption due to lower prices
1
Expert's answer
2017-12-18T09:01:07-0500
Answer is «D» (the change in income that results from increased effective consumption due to lower prices).

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS