When we derive the demand curve for a good, we should remember that the
a. income effect must be greater than the substitution effect.
b. substitution effect must be greater than the income effect.
c. substitution effect must be in the same direction as the income effect.
d. income effect and the substitution effect may work in the same or in opposite directions.
d
Economics
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In a competitive market, there are a ________ number of buyers and a ________ number of sellers
A) large; small B) small; large C) small; small D) large; large
Economics
On the Solow Diagram, an increase in the saving rate is shown by ________
A) an upward shift of the depreciation line B) an upward shift of the investment function C) an upward shift of the per-worker production function D) a downward shift of the investment function
Economics