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Business, 08.07.2021 01:30 clintonskippings
What is one result of the substitution effect?
A. When the demand curve is downward sloping, consumers can substitute one kind of consumption for another.
B. When the price of a good decreases, consumers will switch some of their purchases to that good.
C. When the quantity demanded increases beyond price, consumers substitute other kinds of goods.
D. When a person's income increases, he or she will substitute luxury goods for nonluxury goods.
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Answers: 3
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What is one result of the substitution effect?
A. When the demand curve is downward sloping, consum...
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