The Income Effect of a Price Change Refers to the Change

question 228

True/False

The income effect of a price change refers to the change in the quantity demanded of a good that results from a change in the price of a substitute product.

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Definitions:

Casparian Strip

The Casparian strip is a barrier made of a band of cell wall material found in the roots of plants, blocking the passive flow of water and solutes into the xylem by way of cell walls.

Endodermal Cells

Cells forming the innermost layer of the three primary cell layers in early embryonic development, which develop into the lining of the gut and associated structures.

Root Cell Wall

A protective layer that surrounds the cells of a plant's root, providing support and regulating the movement of water and nutrients.

Cuticle

Secreted covering at a body surface.