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unicorngirl13 unicorngirl13
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5 years ago

Question 1.

A fall in the price of 7-UP that causes a household to shift its purchasing pattern away from Sprite and toward 7-UP is the ________ effect of a price change.



▸ income

▸ substitution

▸ complementary

▸ diminishing marginal utility

Question 2.

If the price of an inferior good rises, the income effect will result in households buying ________ of the good and the substitution effect will result in households buying ________ of the good.



▸ more; more

▸ more; less

▸ less; more

▸ less; less
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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gturgtur
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5 years ago
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unicorngirl13 Author
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#2
5 years ago
Good timing, thanks!
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