1. The consume less of the good with a relatively higher price and more of the good with a relativ ly lower price. arises when a price changes because consumers have an incentive to a. income effect b. substitution effect c. backward-bending supply curve d. preferences effect 2. The term describes a situation where a causes a reduction in the buying power of income, even though actual income has not changed. a. substitution effect; lower price b. intertemporal budget; higher price c. income effect; higher price d. intertemporal budget; lower price 3. The term refers to the additional utility prov ided by one additional unit of consumption. a. utility b. marginal utility c. added utility d. Giffen utili y

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