Economics · Consumer Behaviour
A consumer substitutes more of good X for good Y as the price of X falls, while maintaining the same level of satisfaction. This economic phenomenon reflects the:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Scale effect
- 2Price effect
- 3Substitution effect✓
- 4Income effect
Correct answer
Substitution effect
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