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Which of the following is true of the bisecting technique?
Substitution Effect
The economic theory that as prices rise, or income decreases, consumers will replace more expensive items with less costly alternatives.
Output Effect
The impact on total output or production when a company expands its operations or when there is an increase in economic activity.
Increase In Rent
An upward adjustment in the payment required for the use of rental property, usually determined by market conditions or lease agreements.
Demand For Land
The desire and willingness of consumers or businesses to purchase land at given prices, influenced by factors such as location and potential for appreciation.
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