Consider the Income and Substitution Effects of Price Changes

question 62

Multiple Choice

Consider the income and substitution effects of price changes.The substitution effect is the change in quantity demanded that occurs

• A)when one good is substituted for another.
• B)with a change in the relative prices of two or more goods.
• C)as a result of a change in relative prices,with real income held constant.
• D)as a result of a change in relative prices with money income held constant.
• E)as a result of a change in absolute prices,with real income held constant.

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