Multiple Choice
Which of the following is the best example of the substitution effect?
A) Joe buys fewer apples and more oranges as the result of an increase in the price of apples.
B) Joe buys more apples when his income increases.
C) Joe buys an apple slicer when the price of apples decreases.
D) Joe buys less sugar as the result of an increase in price of apples.
Correct Answer:
Verified
Correct Answer:
Verified
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