Multiple Choice
The substitution effect is the effect of a change in ________ on ________.The income effect is the effect of a change in ________ on ________.
A) income;quantity bought of a substitute;income;quantity bought
B) income;consumption;price;quantity bought
C) price;quantity bought;income;quantity bought
D) the price of a substitute;quantity bought;income;the number of labour hours
E) none of the above
Correct Answer:

Verified
Correct Answer:
Verified
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