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Author Question: The substitution effect of an increase in the price of Raisin Bran refers to A) the decrease in ... (Read 88 times)

leo leo

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on: Jun 29, 2018
The substitution effect of an increase in the price of Raisin Bran refers to
 
  A) the decrease in the demand for Raisin Bran when its price rises.
  B) the result that consumers will now switch to a substitute good such as Cheerios, and the demand curve for Raisin Bran shifts to the left.
  C) the fact that the higher price of Raisin Bran relative to its substitutes, such as Cheerios, causes consumers to buy less Raisin Bran.
  D) the fact that the higher price of Raisin Bran lowers consumer's purchasing power, holding money income constant.

Question 2

When the price of summer tank tops falls and you buy more of them because they are relatively less expensive, this is called
 
  A) the income effect. B) the deadweight loss effect.
  C) the elasticity effect. D) the substitution effect.
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wtf444

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Reply #1 on: Jun 29, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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leo leo

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

epscape

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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