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an economic downturn can actually be a boon for its business. Last year, the company took in $20 million in sales, up 5% from the
an economic downturn can actually be a boon for its business. Last year, the company took in $20 million in sales, up 5% from the previous year. Sales are already up 5% this year. Source: CNN, April 17, 2008 Refer to Fact 9.3.2. If the price of used clothing falls and income remains the same, the substitution effect - the quantity of used clothing bought and the income effect the quantity of used clothing bought. O A decreases; decreases OB) decreases; increases OC) increases; decreases OD) does not change; increases OE) increases; increases
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