For the Cobb-Douglas Utility Function

question 139

Multiple Choice

For the Cobb-Douglas utility function:

• A) the income and substitution effects are necessarily the same size.
• B) the demand for each good is independent of changes in the price of the other good.
• C) there is only an income effect, no substitution effect.
• D) there is only a substitution effect, no income effect.

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