jamarstand
jamarstand
28.01.2020 • 
Business

The substitution effect is the change in the quantity demanded of a good that results from holding constant the effect of the price change on consumer purchasing power.

a. the tendency of people to be unwilling to sell something they own

b. a change in price making the good more or less expensive relative to other goods

c. a change in the price of a substitute for the good

d. an increase in the usefulness of a product as the number of consumers who use it increases

Solved
Show answers

Ask an AI advisor a question