The Hicks Version of the Substitution Effect of a Price

question 25

True/False

The Hicks version of the substitution effect of a price change measures the change in a consumer's demand if the consumer's income were changed just enough so the consumer would remain on the same indifference curve as before the price change.

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Definitions:

Vibrations

Rapid oscillations of particles or waves around an equilibrium point.

Dependent Variables

In an experiment, the variable that is measured and is expected to change in response to manipulations of the independent variable.

Anecdote

A short and interesting story or account of a real incident or event, often used to illustrate a point or entertain.

Experimental Result

The outcome or data obtained from conducting a systematic investigation in a controlled setting aimed at testing a specific hypothesis.