Examlex
Which of the following is NOT included in a reference to an electronic source?
Substitution Effect
The substitution effect occurs when consumers replace more expensive items with less expensive alternatives due to a change in relative prices.
Income Effect
The change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.
Substitution Effect
The change in consumption that results from a change in the relative price of goods, leading consumers to substitute away from higher-priced goods.
Income Effect
The income effect describes the change in an individual's or economy's income and how that change will affect the quantity demanded of a good or service.
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