Figure 21-21 -Refer to Figure 21-21.If the Consumer Is Currently at Point

question 387

Multiple Choice

Figure 21-21

-Refer to Figure 21-21.If the consumer is currently at point A in the figure,a movement to point B as a result of a decrease in the price of potato chips represents the

• A) substitution effect.
• B) income effect.
• C) budget effect.
• D) price effect.

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Definitions:

Adequate

Sufficient to satisfy a requirement or meet a need.

Executor

A legal term referring to an individual appointed to carry out the terms of a will.

Estate Tax

Estate Tax is a tax levied on the net value of the estate of a deceased person before it is distributed to the heirs, applied in certain jurisdictions.

Trust Fund

A trust fund is a legal arrangement in which assets are held by a trustee for the benefit of another party, often used for estate planning or to manage assets for individuals or charities.