What effect is working when the price of a good falls and consumers tend to buy it insteadof other goods | Faculties

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Vikash Gupta

🎓 Tutor III ⭐ 33.56K Points

📊 Managerial Economics 1

Q. What effect is working when the price of a good falls and consumers tend to buy it insteadof other goods

(A) income effect
(B) substitution effect
(C) price effect
(D) none of these

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✅ Correct Answer: (B) substitution effect

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