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monitta
3 years ago
11

When the price of a good rises, consumers buy a smaller quantity because of the ________ effect and the ________ effect?

Business
1 answer:
VladimirAG [237]3 years ago
4 0
When the price of a good rises, consumers buy a smaller quantity because of the substitution effect and the income effect.  A change in the relative prices of goods results in change in consumption of that goods and that is denoted as the substitution effect. T<span>he change in purchasing power on the other hand which also result in change in consumption is referred to as the income effect.</span>
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