The Substitution Effect Is the Effect of

question 116

Multiple Choice

The substitution effect is the effect of

• A)a change in income on the quantity bought.
• B)a change in price on the quantity bought when the consumer moves to a higher indifference curve.
• C)a change in income on the quantity bought when the consumer moves to a higher indifference curve.
• D)a change in the best affordable point.
• E)a change in price on the quantity bought when the consumer hypothetically remains on the same indifference curve.

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Definitions:

Taste Constancy

The ability to perceive and recognize the taste of substances under varying conditions consistently.

Inhibitory Synapses

Junctions between neurons where the action of one neuron can decrease the likelihood of the second neuron firing an action potential, thus inhibiting its activity.

Action Potentials

Electrical impulses that transmit signals along neurons, essential for the functioning of nerves and muscles in the body.

Sensory Adaptation

The process by which sensory receptors change their sensitivity to a stimulus over time, often leading to diminished sensitivity to a constant stimulus.