Examlex
Which of the following statements a) , b) or c) is false?
Substitution Effect
The economic principle that as the price of a good or service rises, consumers will replace it with cheaper alternatives.
Utility
represents the total satisfaction received from consuming a good or service.
Total Utility
The overall satisfaction or fulfillment that a consumer receives from consuming a particular quantity of goods or services.
T-Shirts
A type of clothing characterized by short sleeves and typically made of cotton fabric.
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