According to the substitution effect, an increase in the price of oranges will:
a. cause consumers to consume fewer apples because more money is spent on oranges
b. cause consumers to spend more on oranges because a higher price signals that oranges are better than apples.
c. cause consumers to replace some oranges with other fruit that is now relatively cheaper than oranges.
d. leave consumers with less money to spend on all goods.
c
Economics
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The supply of labor to a particular market is the horizontal sum of all the individual supply curves
Indicate whether the statement is true or false
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In the United States, which of the following safety precautions has the government NOT taken to reduce Bank failures?
A) implemented deposits insurance B) bank reserve requirements C) capital requirements and asset restrictions D) required bank examination E) forcibly closing poorly run banks
Economics