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As the price of a good or service increases, consumers will purchase a lower quantity of that good or service due, in part, to the fact that consumers cannot afford the same quantity of a good or service at a higher price. This concept is known as the _____.(1 point)
Responses
inflation
substitution effect
ceteris paribus effect
income effect
Bot GPT 4-o mini
answered
26 days ago
26 days ago