Economics · Theory of Demand
The negative slope of the demand curve can be explained by which of the following?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Substitution effect only
- 2Income effect only
- 3Both substitution effect and income effect✓
- 4Neither substitution effect nor income effect
Correct answer
Both substitution effect and income effect
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