Multiple Choice
Which of the following represents the substitution effect of an increase in the price of apples?
A) A decrease in the consumer's real income
B) A decrease in the quantity of apples purchased
C) A decrease in the quantities of all goods purchased by the consumer
D) A shift of consumption from other goods to apples
E) A decrease in the opportunity cost of consuming apples
Correct Answer:

Verified
Correct Answer:
Verified
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