{"id":818,"date":"2017-10-29T11:30:46","date_gmt":"2017-10-29T05:30:46","guid":{"rendered":"https:\/\/mcqacademy.com\/en\/mcq\/suppose-that-consumers-preferences-are-well-with-certainty-5\/"},"modified":"2017-10-29T11:30:46","modified_gmt":"2017-10-29T05:30:46","slug":"suppose-that-consumers-preferences-are-well-with-certainty-5","status":"publish","type":"mcq","link":"https:\/\/mcqacademy.com\/en\/mcq\/suppose-that-consumers-preferences-are-well-with-certainty-5\/","title":{"rendered":"Suppose that consumers&#8217; preferences are well&#8230;. with certainty."},"content":{"rendered":"<p>Suppose that consumers&#8217; preferences are well behaved in that properties 4-1-4-4 are satisfied. Furthermore, assume that both X and Y are normal goods and that the price of good X increases. Then, which of the following effect is known with certainty.<\/p>\n","protected":false},"author":34,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","topic":[57],"subject":[5],"class_list":["post-818","mcq","type-mcq","status-publish","hentry","topic-the-theory-of-individual-behavior","subject-managerial-economics"],"mcq_note":"Suppose that consumers' preferences are well behaved in that properties 4-1-4-4 are satisfied. Furthermore, assume that both X and Y are normal goods and that the price of good X increases. Then, which of the following effect is known with certainty.Answer:The income and substitution effect reinforce one another leading to an overall decrease the consumption of good X.","mcq_options":[{"right":"no","answer":"The income and substitution effect reinforce one another leading to an overall increase the consumption of good X"},{"right":"yes","answer":"The income and substitution effect reinforce one another leading to an overall decrease the consumption of good X"},{"right":"no","answer":"The income and substitution effect will have competing effects leading to an indeterminate impact on the consumption of good X"},{"right":"no","answer":"The income and substitution effect will reinforce one another leading to an overall increase in the consumption of good Y"}],"multi_answers":"no","subject_terms":[{"id":5,"title":"Managerial Economics","slug":"managerial-economics"}],"topic_terms":[{"id":57,"title":"The Theory of Individual Behavior","slug":"the-theory-of-individual-behavior"}],"_links":{"self":[{"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/mcq\/818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/mcq"}],"about":[{"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/types\/mcq"}],"author":[{"embeddable":true,"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/comments?post=818"}],"wp:attachment":[{"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/media?parent=818"}],"wp:term":[{"taxonomy":"topic","embeddable":true,"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/topic?post=818"},{"taxonomy":"subject","embeddable":true,"href":"https:\/\/mcqacademy.com\/en\/wp-json\/wp\/v2\/subject?post=818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}