Krugman's Economics For The Ap® Course
3rd Edition
ISBN: 9781319113278
Author: David Anderson, Margaret Ray
Publisher: Worth Publishers
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Question
Chapter 46, Problem 3MCQ
To determine
The correct option for price
Expert Solution & Answer
Answer to Problem 3MCQ
Option b is correct.
Explanation of Solution
Given Information:
Price | Quantity demand |
$2 | 100 |
$1 | 120 |
Explanation for the correct option:
b.
Therefore, option b is the correct answer.
Explanation for incorrect options:
Since the question is numerically based, other options are incorrect.
Economics Concept Introduction
Income effect: Income effect shows the increasing
Substitution effect: Substitution effect shows the ability to substitute inferior good with a normal good due to a change in the price level.
Chapter 46 Solutions
Krugman's Economics For The Ap® Course
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