Which Effect of a Price Change Moves the Consumer Along

question 34

Multiple Choice

Which effect of a price change moves the consumer along the same indifference curve to a point with a new marginal rate of substitution?

• A)the budget effect
• B)the preference effect
• C)the substitution effect
• D)the income effect

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Definitions:

Chlorine

A chemical element with symbol Cl and atomic number 17, known for its strong oxidizing properties and use as a disinfectant.

Lewis Dot Structure

A diagrammatic method to represent the valence electrons of atoms within a molecule, indicating the bonding between atoms and the lone pairs of electrons.

Covalent Bonding

The chemical bonding between atoms through the sharing of electron pairs to achieve stability.

2-Electron Bonding

A type of chemical bond involving the sharing of two electrons between atoms, commonly known as a covalent bond.