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When the Price of a Pizza Decreases from $12 to $10

Question 513

Multiple Choice

When the price of a pizza decreases from $12 to $10, it is definitely the case that the


A) substitution effect means people buy more pizza.
B) income effect means people buy less pizza.
C) quantity demanded of pizza will not change.
D) None of the above answers is correct.

Correct Answer:

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