ECON 104A University of Chicago Income Effect for Apples Production Function Questions

ECON 104A University of Chicago Income Effect for Apples Production Function Questions

 

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ECON 104A University of Chicago Income Effect for Apples Production Function Questions

 

10 Multiple choices

A person only consumes Apples and Bananas. When the price of bananas decreases, which statement is true?

 

 

The income effect for apples is positive; the substitution effect for apples is positive

 

The income effect for apples is positive; the substitution effect for apples is negative

 

The income effect for apples is negative; the substitution effect for apples is positive

 

The income effect for apples is negative; the substitution effect for apples is negative

 

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