Pepsi and pizza are normal goods. When the price of pizza rises, the substitution effect causes Pepsi to be relatively
a. more expensive, so the consumer buys more Pepsi.
b. more expensive, so the consumer buys less Pepsi.
c. less expensive, so the consumer buys more Pepsi.
d. less expensive, so the consumer buys less Pepsi.
c
Economics
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When used for production, the ________________ reflects the pareto efficient allocations of inputs to produce Goods 1 and 2
Fill in the blank(s) with the appropriate word(s).
Economics
The demand for money that arises so that individuals or firms can make purchases on quick notice is called the
A) speculative demand for money. B) real demand for money. C) transaction demand for money. D) liquidity demand for money.
Economics