Which of the following descriptions best depicts the substitution effect?

a. the change in consumption resulting from a change in the consumer's income, holding the prices of the goods constant
b. the change in consumption resulting from a change in the consumer's income, holding the consumer's level of satisfaction constant
c. the change in consumption resulting from a change in the price of one good, holding the consumer's level of satisfaction constant
d. the change in consumption resulting from a change in the price of one good, allowing the consumer's level of satisfaction to change

c

Economics

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Is an increase in GDP good for America?

A. Yes B. No C. Maybe

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Refer to Table 1-1. What is Eva's marginal cost if she decides to stay open for two hours instead of one hour?

A) $12 B) $24 C) $36 D) $71

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