Question: If a consumer decides to start drinking tea as a result of coffee prices increases, this is an example of? Group of answer choices The

If a consumer decides to start drinking tea as a result of coffee prices increases, this is an example of? Group of answer choices 


The substitution effect of a price change

A decrease in reservation price.

The income effect of a price change

A decrease in demand.

Step by Step Solution

★★★★★

3.41 Rating (148 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

The detailed answer for the above question is provided below This is an example ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

If a consumer decides to start drinking tea as a result of coffee prices increases, this is an example of? Group of answer choices The substitution effect of a price change A decrease in reservation...

Q:

The wind speed control system has an output current of 4-20mA from the wind speed transmitter, corresponding to a wind speed range of 0-10m/s. The acquisition circuit is shown in Figure 12 (a) (b),...

Q:

Ve The circuit diagram of a three operational amplifier instrumentation amplifier is shown in Figure Q1(b). OP AMP 1 OP AMP 2 1-2 E RAI RB RA E V. V.2 R R NR +1 NR ] OP AMP 3 Vo Figure Q1(b) NR = (i)...

Q:

Flag question: Question 2 7 Question 2 7 5 pts A government is running a budget surplus when revenue exceeds spending. Group of answer choices True False Flag question: Question 2 8 Question 2 8 5...

Q:

Economists assume that Group of answer choices individuals behave in unpredictable ways. consumer behavior is explained by the existence of unlimited resources. people put other people's interests...

Q:

Flag this Question Question 11pts Which of he following would represent an equilibrium of supply and demand> Group of answer choices P = $5, Qs = 6, Qd = 6 P = $3, Qs = 8. Qd = 12. P - $1, Qs = 7, Qd...

Q:

HI PLEASE ANSWER ALL 1. Assume the market for apples is initially in equilibrium. Which of the following will result in a higher equilibrium price of apples? a. An increase in both the demand for and...

Q:

102 pts If a production possibilities frontier is bowed outward, then it means Group of answer choices opportunity costs are increasing. resources are equally suited to producing either good....

Q:

2.Economic analysis is: a. A framework for understanding issues with arise since societies need to make allocation decisions. b. Widely understood by all in our society. c. Important for problem...

Q:

Economists typically consider the United States to be closer to the A. Command Economy end of the spectrum. B. Market Economy end of the spectrum. C. Traditional Economy end of the spectrum. D. Zero...

Q:

Use the following Lewis diagram for ethyl methyl ether to answer the questions: ++ Remember that geometry refers to the geometry defined by the atoms, not the electron pairs The geometry about atom...

Q:

The analog exponential filter in Eq. 17-4 is used to fitter a measurement before it is seat to a proportional controller with K c = 1. The other transfer functions for the closed-loop system are G v...

Q:

Using the graph of f shown, find three intervals on which fits one - to - one, making each interval as large as possible. The intervals on which f is one - to - one are ( 5 imp lty your answers. Use...

Q:

What are the relative advantages and disadvantages of log-time and root-time methods used for the determination of coefficient of consolidation (cv)?

Q:

Set up and evaluate the integral (l. ze-(**+y*+z*) dV where Q is the region above the xy-plane bounded by the hemisphere centred at (0,0,0) and with a radius of 5.

Q:

In Figure 2, a bead of mass m, slides along a frictionless wire moving to the right. If the horizontal speed of the bead is 2.0 m/s at point A, what is its speed and potential energy at locations B...

Q:

Which reactions are possible or not possible for a successful titration in the following cases. Explain the details. a) 0.1 M NaCH3OO - 0.2 M HOOH, b) 10-6 M NaCl - 10-6 M KOH, c) 0.5 M NH4CI - 1 M...

Q:

1. Is energy conservation verified for both the inclined plane test and the Atwood experiment? Explain by drawing a graph. 2. What are the possible sources of error in this experiment? kzak V, sensr...

Q:

Explain the sigmificamce of company in stock markey abd asvantagrs

Q:

Suppose that a PRODUCT table contains two attributes, PROD_CODE and VEND_CODE. Those two attributes have values of ABC, 125, DEF, 124, GHI, 124, and JKL, 123, respectively. The VENDOR table contains...

Q:

Describe and contrast the information needs at the strategic, tactical, and operational levels in an organization. Use examples to explain your answer.

Q:

How and why did database management systems become the organizational data management standard in organizations? Discuss some of the advantages of the database approach over the file-system approach.

Q:

1. Lashley sought to find the engram, the physiological representation of learning. In general terms, how would you recognize an engram if you saw one? That is, what would someone have to demonstrate...

Q:

10. What is amyloid-b and how does it relate to Alzheimers disease?

Q:

2. What are the advantages of research on Aplysia compared with vertebrates?