Multiple Choice
A change in the relative prices of which of the following pair of goods would likely cause the smallest substitution effect?
A) right shoes and left shoes
B) petrol from BP and petrol from Shell
C) Kit-Kat chocolate snacks and Twix chocolate snacks
D) Coke and Pepsi
Correct Answer:

Verified
Correct Answer:
Verified
Q3: Explain the relationship between the budget constraint
Q5: Suppose that Annette gets an increase in
Q7: Indifference curves measure the consumer's willingness to
Q9: The slope at any point on an
Q11: The change in consumption that results when
Q12: For dessert, Ingrid has the choice between
Q13: Refer to Exhibit 4. Suppose that the
Q14: A family on a trip budgets €800
Q15: All of the following are characteristics of
Q526: Budget constraints exist for consumers because<br>A)their utility