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7.2.3 income, substitution and price effects for normal, inferior and Giffen goods

What two effects make up the total effect of a price change?

A

Demand effect and supply effect.

B

Substitution effect and income effect.

C

Utility effect and budget effect.

D

Wealth effect and output effect.

7.2.3 income, substitution and price effects for normal, inferior and Giffen goods Flashcards

  1. Intl A Level
  2. /Economics
  3. /7.2.3 income, substitution and price effects for normal, inferior and Giffen goods

26 flashcards on CIE Intl A Level Economics 7.2.3 income, substitution and price effects for normal, inferior and Giffen goods: the key terms and definitions you need to recall.