Economics · Indifference Curve Analysis
In indifference curve analysis, a decrease in the price of a commodity results in:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both income and substitution effects✓
- 2Consumer moving to a lower indifference curve
- 3Only income effect
- 4Only substitution effect
Correct answer
Both income and substitution effects
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