Economics · Microeconomics
In indifference curve analysis, a decrease in the price of a normal commodity leads to which of the following?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both income and substitution effects take place✓
- 2The consumer shifts to a lower indifference curve
- 3Only the income effect takes place
- 4Only the substitution effect takes place
Correct answer
Both income and substitution effects take place
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