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Hero bakery recently increased the prices of its pastries due to rising ingredient costs. As a result, the demand for their pastries decreased. Which of
Hero bakery" recently increased the prices of its pastries due to rising ingredient costs. As a result, the demand for their pastries decreased. Which of the following best explains this phenomenon? The substitution effect The income effect The law of diminishing marginal utility The law of supply and demand
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Microeconomics
Authors: Michael Parkin
11th edition
133019942, 978-0133020250, 133020258, 978-0133019940
