Multiple Choice
The substitution effect is:
A) the change in the amount of the good consumed holding the level of income constant.
B) the change in the amount of the good consumed as the price of the good changes holding income constant.
C) the change in the amount of the good consumed as the price of the good changes holding utility constant.
D) the change in the amount of the good consumed holding relative prices constant and changing the level of income.
Correct Answer:
Verified
Correct Answer:
Verified
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