Business, 28.01.2020 03:31 glo251

The substitution effect is the change in the quantity demanded of a good that results from holding constant the effect of the price change on consumer purchasing power.

a. the tendency of people to be unwilling to sell something they own

b. a change in price making the good more or less expensive relative to other goods

c. a change in the price of a substitute for the good

d. an increase in the usefulness of a product as the number of consumers who use it increases

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The substitution effect is the change in the quantity demanded of a good that results from holding...