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What is the substitution effect? Select one: a.The substitution of a normal product for an inferior product as the result of an increase in income.
What is the substitution effect?
Select one:
a.The substitution of a normal product for an inferior product as the result of an increase in income.
b.The sacrifice which has to be made when an additional quantity of one product is purchased.
c.The substitution of one product for another as a result of a change in their relative prices.
d.The effect that a change in income has on the demand for a substitute product.
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