Refer to Figure 16-1

question 18

Multiple Choice

Refer to Figure 16-1.The move from point B to point C represents the _____ of an input price change.

• A)substitution effect
• B)output effect
• C)income effect
• D)effect of diminishing returns

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Definitions:

Seal

Historically, a device or substance used to stamp or mark documents, implying authenticity and intention to be legally bound.

13th Century

A period extending from the year 1201 to 1300, marking significant historical, cultural, and technological advancements.

Deed of Land

A legal document that represents the ownership of property and transfers the title from one party to another.

Statute of Frauds

A legal principle requiring certain contracts to be written and signed to be enforceable.