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If the price of a slice of pizza falls from $2 to $1.5, a pizza-loving consumer will

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If the price of a slice of pizza falls from $2 to $1.5, a pizza-loving consumer will

Question 1.

The change in people's purchasing power that occurs when the price of one good that they purchase changes is the

• substitution effect.

• real-income effect.

• price income effect.

• law of diminishing marginal utility.

Question 2.

If the price of a slice of pizza falls from $2 to $1.5, a pizza-loving consumer will

• substitute more Chinese food for pizza.

• spend more on soft drinks and less on pizza.

• see her purchasing power rise.

• see her purchasing power fall.

Textbook

Economics Today: The Micro View

Edition: 19^th

Author: Miller

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wildcat290 Author

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Just got PERFECT on my quiz

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this is exactly what I needed

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Thank you, thank you, thank you!

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