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Author Question: A consumer's switch to another similar good when the price of the preferred good increases is termed ... (Read 85 times)

yoroshambo

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on: Jun 30, 2018
A consumer's switch to another similar good when the price of the preferred good increases is termed the:
 a. income effect.
 b. substitution effect.
  c. utility effect.
 d. marginal effect.

Question 2

Social regulation means that the government dictates the price that a firm must charge and/or the quantity that a firm must supply.
 a. True
  b. False
  Indicate whether the statement is true or false


tanna.moeller

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Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

False


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