As the price of a good or service increases, consumers will purchase a lower quantity of that
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As the price of a good or service increases, consumers will purchase a lower quantity of that good or service due, in part, to the fact that consumers cannot afford the same quantity of a good or service at a higher price. This concept is known as the _____.(1 point)
- income effect
- substitution effect
- ceteris paribuseffect
- law of demand
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