The Change in Consumption of a Good Resulting from the Implicit

question 7

Multiple Choice

The change in consumption of a good resulting from the implicit change in income because of a price change is called the _______ effect of a price change.

• A) substitution
• B) demand
• C) price
• D) income

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Definitions:

Indicator

A variable or criterion that serves to measure or demonstrate the state or level of something, often used in environmental, economic, and social contexts.

Organic Wastes

Biological materials originating from living organisms that are capable of being decomposed by other living organisms.

Oxygen Levels

The amount of oxygen present in a given environment or substance, often measured to assess air or water quality.