Multiple Choice
You can spend $5 for lunch and you would like to have two double cheeseburgers. When you get to the restaurant, you find out the price for double cheeseburger has increased from $2.50 to $2.99. You decide to have just one double cheeseburger for lunch. This is best described as a(n) :
A) substitution effect.
B) income effect.
C) buyer's reservation price effect.
D) seller's reservation price effect.
Correct Answer:
Verified
Correct Answer:
Verified
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