Question

18. Would you expect, in some cases, to see only an income effect or only a substitution effect? Explain​

Answer 1

Answer:

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Explanation

The income effect can be both direct (when it is directly related to a change in income) or indirect (when consumers must make buying decisions not directly related to their incomes). A small reduction in price may make an expensive product more attractive to consumers, which can also lead to the substitution effect.

Answer 2

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