Exhibit 6-31 Assume That a Consumer Is Initially in Equilibrium

question 24

Multiple Choice

Exhibit 6-31 Assume that a consumer is initially in equilibrium at point a in Exhibit 6-31.Then the price of good B falls.The movement from point a to point c represents

• A)the substitution effect
• B)the income effect
• C)the substitution effect minus the income effect
• D)the sum of the substitution and income effects
• E)the income effect minus the substitution effect

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