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SalaDinHo SalaDinHo
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5 years ago

Question 1.

The income effect of a decrease in the price of legal services, a normal good, results in

• a decrease in the demand for legal services.

• a decrease in the quantity of legal services demanded.

• an increase in the quantity of legal services demanded.

• an increase in the demand for legal services.

Question 2.

A change in the price of a good has two effects on the quantity consumed. What are these effects?

• the income effect and the substitution effect

• the utility effect and the budget effect

• the total utility effect and marginal utility effect

• the consumption effect and expenditure effect
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
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brigettelearnbrigettelearn
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SalaDinHo Author
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5 years ago
Thanks
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