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The Below Figure Shows the Various Combinations of the Goods

Question 66

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The below figure shows the various combinations of the goods X and Y that yield different levels of utility.Figure 7.3
The below figure shows the various combinations of the goods X and Y that yield different levels of utility.Figure 7.3 -The substitution effect occurs because when the price of one good increases, consumers will buy fewer substitute goods.
-The substitution effect occurs because when the price of one good increases, consumers will buy fewer substitute goods.

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