Figure 10-1 -Refer to Figure 10-1.When the Price of Hoagies Increases from of Hoagies

question 261

Multiple Choice

Figure 10-1

-Refer to Figure 10-1.When the price of hoagies increases from $5.00 to $5.75, quantity demanded decreases from Q₁ to Q₀.This change in quantity demanded is due to

• A)the price and output effects.
• B)the income and substitution effects.
• C)the fact that marginal willingness to pay falls.
• D)the law of diminishing marginal utility.

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