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:

Appeal to Pity

A logical fallacy that attempts to win an argument by exploiting the opponent's feelings of pity or guilt rather than by logic or reason.

Disagreement

A situation where two or more parties hold differing views, opinions, or positions on a particular issue or topic.

Debate

A formal discussion on a particular topic in a public meeting or legislative assembly, in which opposing arguments are put forward.

Fallacy of Relevance

The premise is logically irrelevant, or unrelated, to the conclusion.