When price of a product falls, more of it is purchased because of

by
Question:

When price of a product falls, more of it is purchased because of

A.

the substitution effect

B.

the income effect

C.

neither substitution effect nor income effect

D.

both the substitution and income effects

Answer» d. both the substitution and income effects

Note: The above multiple-choice question is for all general and Competitive Exams in India.