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If Prices at Wendy's Rise, More Consumers Buy Their Meals

Question 4

Multiple Choice

If prices at Wendy's rise, more consumers buy their meals at McDonald's and fewer consumers buy their meals at Wendy's. This is an example of

A) consumers' action to boycott Wendy's.
B) outlet substitution.
C) commodity substitution.
D) new good bias.
E) quality change bias.

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