Figure 21-22 -Refer to Figure 21-22. If the Consumer Were Initially at Were

question 464

Multiple Choice

Figure 21-22
-Refer to Figure 21-22. If the consumer were initially at point A in the figure, a movement from point B to point C as a result of a decrease in the price of potato chips represents the

• A)substitution effect.
• B)income effect.
• C)budget effect.
• D)price effect.

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Definitions:

Quaternary Education

Education that follows after tertiary education, including further academic or professional study, research, and training.

Digital Natives

People who were born or brought up during the age of digital technology, thus are familiar with computers and the Internet from an early age.

Smartphone

A mobile phone offering advanced features beyond making calls and sending text messages, including internet access and various applications.

Low-SES

Refers to individuals or families with low socioeconomic status, characterized by low income, education, and occupational status.