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Q: 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?
A: 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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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 ]
Expert answered|yumdrea|Points 1214|



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