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Ned buys wine and bread. When the price of wine rises, the substitution effect induces Ned to buy _________ wine and _________ bread. a. more; more b. more; less c. less; more d. less; less

Chapter 21, Problem 7

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QUESTION:

Ned buys wine and bread. When the price of wine rises, the substitution effect induces Ned to buy _________ wine and _________ bread.

a. more; more

b. more; less

c. less; more

d. less; less

Questions & Answers

QUESTION:

Ned buys wine and bread. When the price of wine rises, the substitution effect induces Ned to buy _________ wine and _________ bread.

a. more; more

b. more; less

c. less; more

d. less; less

ANSWER:

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Given data:

Ned buys wine and bread. When the price of wine rises, the substitution effect induces Ned to buy _________ wine and _________ bread.

a. more; more

b. more; less

c. less; more

d. less; less

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