What Is the Term for the Substitution of One Product

question 57

Multiple Choice

What is the term for the substitution of one product for another as a result of a change in their relative prices?

• A)Income effect.
• B)Substitution effect.
• C)Market effect.
• D)Law of demand.

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Definitions:

ANOVA

Analysis of Variance, a statistical method used to compare the means of three or more groups to see if at least one is statistically significantly different from the others.

Null Hypothesis

A statement or assumption that there is no significant difference or effect, serving as the default or starting assumption in statistical hypothesis testing.

ANOVA

Short for Analysis of Variance, a statistical method used to compare the means of three or more samples to find if at least one sample mean is significantly different from the others.

Statistical Technique

Methods of collecting, analyzing, interpreting, and presenting data in order to make more informed decisions.