Matthew Wants to Be an Educated Consumer of New Social

question 22

Multiple Choice

Matthew wants to be an educated consumer of new social science discoveries.This involves

• A)searching the Internet for amazing facts.
• B)telling his friends about the remarkable information he heard on a radio talk show.
• C)comparing new discoveries to what is already known and trying to decide if the differences make sense.
• D)All of the above.

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Definitions:

Income Effect

A phenomenon where changes in an individual's income lead to changes in the quantity demanded of a good or service.

Substitution Effect

The economic principle that as the price of a good increases, consumers will replace it with less expensive alternatives.

Normal Good

A product that sees an increase in demand as people's incomes increase, and a decrease in demand when their incomes decrease.

Housing

Refers to the provision and availability of homes and buildings for habitation by individuals and families.