Multiple Choice
When the price of a good rises,the resulting change in relative price causes the consumer to reduce his quantity demanded of that good,even when the consumer is income-compensated so that he remains indifferent about the price change.This observation is known as the
A) Giffen good phenomenon.
B) law of demand.
C) substitution effect.
D) income effect.
Correct Answer:

Verified
Correct Answer:
Verified
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