Joe goes to the grocery store to buy steak. He expects that he will be spending \$5.99 per pound for his steak as there is only one brand to choose from and their price has remained the same for
about a year. However, to Joe’s surprise, the grocery store has begun selling a generic store brand of the same cut of steak for \$3.99 per pound. Joe decides that to save the \$2.00 per pound he will try to store brand steak. Based on the information provided above, which of following terms bests describes the scenario that occurred?
oe goes to the grocery store to buy steak. He expects that he will be spending \$5.99 per pound for his steak as there is only one brand to choose from and their price has remained the same for about a year. [ However, to Joes surprise, the grocery store has begun selling a generic store brand of the same cut of steak for \$3.99 per pound. Joe decides that to save the \$2.00 per pound he will try
to store brand steak. Based on the information provided above, The term that bests describes the scenario that occurred was - - SUBSTITUTION EFFECT ]
Original conversation
User: If the supply of a good is inelastic,

User: The market price of a slice of pizza has risen from \$1.50 to \$2.00. Based on the Market Supply Curve in Figure 5.4,the average pizzeria would respond by _________.

User: Joe goes to the grocery store to buy steak. He expects that he will be spending \$5.99 per pound for his steak as there is only one brand to choose from and their price has remained the same for about a year. However, to Joe’s surprise, the grocery store has begun selling a generic store brand of the same cut of steak for \$3.99 per pound. Joe decides that to save the \$2.00 per pound he will try to store brand steak. Based on the information provided above, which of following terms bests describes the scenario that occurred?

Weegy: oe goes to the grocery store to buy steak. He expects that he will be spending \$5.99 per pound for his steak as there is only one brand to choose from and their price has remained the same for about a year. [ However, to Joes surprise, the grocery store has begun selling a generic store brand of the same cut of steak for \$3.99 per pound. Joe decides that to save the \$2.00 per pound he will try to store brand steak. Based on the information provided above, The term that bests describes the scenario that occurred was - - SUBSTITUTION EFFECT ]

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Asked 9/16/2013 7:45:29 PM
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