The Substitution Effect Is the Effect of a Change in ________

question 42

Multiple Choice

The substitution effect is the effect of a change in ________ on ________.The income effect is the effect of a change in ________ on ________.

• A)income;quantity bought of a substitute;income;quantity bought
• B)income;consumption;price;quantity bought
• C)price;quantity bought;income;quantity bought
• D)the price of a substitute;quantity bought;income;the number of labour hours
• E)none of the above

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Definitions:

Mathematical Average

Another term for mean, referring to the central value of a discrete set of numbers, specifically the sum of the values divided by the number of values.

Distribution

Refers to the way in which something is shared or exists across different areas or among various groups.

Median

The median is the value that falls in the middle of a dataset after it has been sorted in either increasing or decreasing order.

Mean

The mean value of a group of numbers, which is obtained by dividing the sum total of these numbers by their count.