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wildcat290 wildcat290
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Posts: 509
5 years ago

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

Economics Today: The Micro View


Edition: 19th
Author:
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n00835996n00835996
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5 years ago
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wildcat290 Author
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Helped a lot
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This helped my grade so much Perfect
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Thanks
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