In the process of shopping, Mr. X whose wages per month d...
In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this commodity at all. Mr. X is thus affected by the?
Substitution effect of a price change
Income effect of a price change
Opportunity cost of a price change
Inflation effect of a price change
Correct answer is D
No explanation has been provided for this answer.
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