The Change in Consumption That Results When a Price Change

question 11

Multiple Choice

The change in consumption that results when a price change moves the consumer along a given indifference curve is known as the

• A) income effect.
• B) normal effect.
• C) inferior effect.
• D) substitution effect.

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Definitions:

Individual Agency

The capacity of individuals to act independently and make free choices, shaping their own lives.

Social Fact

Elements such as norms, values, and structures that exist external to the individual and exert influence over them, as defined by sociologist Émile Durkheim.

Émile Durkheim

A founding figure in sociology known for his work on social cohesion, collective conscience, and the study of social facts as phenomena external to individuals.

Collective Conscience

A set of shared beliefs, ideas, and moral attitudes which operate as a unifying force within society.