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When the price of x rises, Marvin responds by changing his demand for x . The substitution effect is the part of this change that
When the price of x rises, Marvin responds by changing his demand for x. The substitution effect is the part of this change that represents his change in demand
a.
holding the prices of substitutes constant. b.
if he is allowed to substitute as much x for y as he wishes. c.
if his money income is held constant when the price of x changes. d.
if the prices of all other goods are held constant. e.
None of the above.
When the price of x rises, Marvin responds by changing his demand for x. The substitution effect is the part of this change that represents his change in demand
| a. | holding the prices of substitutes constant. |
| b. | if he is allowed to substitute as much x for y as he wishes. |
| c. | if his money income is held constant when the price of x changes. |
| d. | if the prices of all other goods are held constant. |
| e. | None of the above. |
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
