A Consumer's Switch to Another Similar Good When the Price

question 105

Multiple Choice

A consumer's switch to another similar good when the price of the preferred good increases is termed the:

• A) income effect.
• B) substitution effect.
• C) utility effect.
• D) marginal effect.

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Definitions:

Insert Hyperlink Dialog Box

A user interface component that allows for the creation of links within a document, pointing to web pages, files, or sections within the document itself.

Insert Text Dialog Box

A graphical interface element in software applications that allows users to input text into documents, forms, or fields.

Style Dialog Box

A user interface element in software applications that allows users to apply and customize formatting options like font, size, color, and alignment to text or objects.

Worksheet Background

A feature in spreadsheet software allowing users to add a color fill or image behind cells in a worksheet.