The substitution effect of a change in the price of bananas refers to the way in which a change in the
a. price of a substitute affects the demand for bananas
b. price of bananas affects the ability to buy them
c. relative price of bananas changes demand for them
d. relative price of bananas changes the quantity demanded of bananas
e. price of a substitute affects the quantity demanded of bananas
D
Economics
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The long-run Phillips curve is a horizontal line at the natural rate of unemployment
a. True b. False Indicate whether the statement is true or false
Economics
The Malthusian theory said that population tended to grow in a _____ progression, while the food supply grew in an _____ progression.
Fill in the blank(s) with the appropriate word(s).
Economics