A Major Hotel Chain Found That If They Were to Reduce

question 160

Multiple Choice

A major hotel chain found that if they were to reduce the cost of the ice cream they currently served they would be able to save over 400 employees jobs.Therefore,they switched from a high priced brand of ice cream to a more moderate priced ice cream.This is known as the:

• A) substitution effect
• B) income effect
• C) brand effect
• D) commercial effect
• E) value effect

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