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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. |
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
