gabbyblehh gabbyblehh

31-01-2017
Social Studies

Answered

When a consumer chooses to purchase one item over another because it is cheaper, this is known as the:

Income Effect.Budget Effect.Economic Effect.Substitution Effect.

Verified Answer :

Joanaveil Joanaveil

31-01-2017

Substitution Effect, The idea that as prices rise (or incomes decrease) consumers will replace more expensive items with less costly alternatives

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