Business, 03.03.2020 21:45, Jadethepartyanimal

Suppose that consumers' preferences are well behaved in that properties 4-1 to 4-4 are satisfied. Furthermore, assume goods X and Y are normal goods and the price of good X decreases. Then the substitution effect will lead consumer to consume:
a. More of good X and more of good Y
b. Less of good X and more of good Y
c. Less of good X and less of good Y
d. More of good X and less of good Y

Answers: 3

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Suppose that consumers' preferences are well behaved in that properties 4-1 to 4-4 are satisfied. Fu...