Statement I: the Substitution Effect States That If the Price

question 50

Multiple Choice

Statement I: The substitution effect states that if the price of a resource rises,other resources will be substituted for it.
Statement II: The concept of margin is central to economic analysis.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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