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From course:

Microeconomic MCQ 1

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Question:

2. The quantity of Revlon nail polish demanded by Jen decreased after the price of Revlon nail polish increased. Jen decides to find a cheaper brand of nail polish. This is called A) substitution effect of a price change D) increase in buyer's reservation price B) income effect of a price change E) shift in the supply curve C) decrease in buyer's reservation price

Author: Gonza R



Answer:

A) substitution effect of a price change


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Gonza R
Gonza R