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What Do the Income Effect, the Substitution Effect, and Diminishing

Question 108

Multiple Choice

What do the income effect, the substitution effect, and diminishing marginal utility have in common?


A) All are required to explain the utility-maximizing position of a consumer.
B) They are all empirically measurable.
C) They all help explain the upsloping supply curve.
D) They all help explain the downsloping demand curve.

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