In the Event of a Conflict Between Federal and Provincial

question 36

True/False

In the event of a conflict between federal and provincial laws regarding consumer protection, municipal law applies.

---

Definitions:

Income Effect

The change in an individual's or economy's consumption patterns resulting from a change in real income.

Substitution Effect

The financial concept stating that when prices increase or incomes drop, individuals will substitute higher-priced goods with more affordable options.

Normal Goods

Goods for which demand increases as the income of consumers increases, and falls when consumer income decreases.

Utils

A hypothetical unit of measurement used in economics to represent the satisfaction or utility that a consumer receives from consuming goods and services.