The fundamental theorem of demand states that the rate of consumption falls as the price of the good rises; this is called the "substitution effect".
This is called the "substitution effect". The fundamental theorem of demand states that the rate of consumption falls as the price of the good rises.
The fundamental theorem of demand states that the rate of consumption falls as the price of the good rises. This is called the "substitution effect".
The fundamental theorem of demand states that the rate of consumption falls as the price of the good rises. This is called the "substitution effect".