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Liula [17]
3 years ago
9

Steve went to his favorite hamburger restaurant with $3, expecting to buy a $2 hamburger and a $1 soda. When he arrived, he disc

overed that hamburgers were on sale for $1 each, so Steve bought two hamburgers and a soda. Steve's response to the decrease in the price of hamburgers is best explained by
Business
1 answer:
Tcecarenko [31]3 years ago
7 0

Answer:

The income effect

Explanation:

The income effect refers to an increase in the purchasing power of customers simply because the products or services that they want to buy are cheaper. Since the price of the products or services decreases, the customers are able to purchase a higher quantity of them.

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Why is it important to distinguish between unilateral and mutual mistakes?
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When​ Elle's Espresso Bar raised its price by 10​ percent, the quantity of coffee that Elle sold decreased by 40 percent. When E
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<em><u /></em>

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Read 2 more answers
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