According to the Substitution Effect, an Increase in the Price

Multiple Choice

According to the substitution effect, an increase in the price of oranges will:

A) ​cause consumers to consume fewer apples because more money is spent on oranges.
B) ​cause consumers to spend more on oranges because a higher price signals that oranges are better than apples.
C) ​cause consumers to replace some oranges with other fruit that is now relatively cheaper than oranges.
D) ​leave consumers with less money to spend on all goods.