Tomatoes are a normal good, so if the price of an tomatoes decreases from $1.20 to $0.80, the quantity of tomatoes demanded increase because of a. a change in income. b. the substitution effect only. c. the income effect only. d. the substitution and income effects
Tomatoes are a normal good, so if the price of an tomatoes decreases from $1.20 to $0.80, the quantity of tomatoes demanded increase because of a. a change in income. b. the substitution effect only. c. the income effect only. d. the substitution and income effects
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
Section: Chapter Questions
Problem 6QR
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Tomatoes are a normal good, so if the price of an tomatoes decreases from $1.20 to $0.80, the quantity of tomatoes
a.
a change in income.
b.
the substitution effect only.
c.
the income effect only.
d.
the substitution and income effects
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