When the Price of a Normal Good Falls, the Substitution

question 232

Multiple Choice

When the price of a normal good falls, the substitution effect leads to ________ in the quantity purchased and the income effect leads to ________ in the quantity purchased.

• A) an increase; an increase
• B) an increase; a decrease
• C) a decrease; an increase
• D) a decrease; a decrease

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Definitions:

Synthetic Cubism

An art movement phase where artists combined different shapes and textures to create compositions, introducing brighter colors and collage elements, contrasting with the earlier Analytic Cubism.

Aaron Douglas

An African American painter and graphic artist who played a pivotal role in the Harlem Renaissance.

Edward Hopper

A prominent American realist painter and printmaker, known for his depictions of solitude in modern American life.

Nighthawks

A famous painting by Edward Hopper that depicts people sitting in a downtown diner late at night.