Your indifference curves for good X (horizontal axis) and good Y (vertical axis) are vertical lines because you do not gain any satisfaction from consumption of Y. As the price of X declines, the change in consumption of X is entirely composed of the: Group of answer choices income effect. Giffen effect. independent good effect. substitution effect.
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Demand increases by less than supply increases. as a result, (a) equilibrium price will decline and equilibrium quantity will rise. (b) both equilibrium price and quantity will decline. (c) both equilibrium price and quantity will rise
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Your indifference curves for good X (horizontal axis) and good Y (vertical axis) are vertical lines...
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