Business, 26.03.2020 00:53 kody2lewiskl

In the two-period model, if the consumer is initially a saver, the interest rate increases and first-period consumption decreases, then we can conclude that the income effect:
a) was less than the substitution effect.
b) and the substitution both increased consumption.
c) was greater than the substitution effect.
d) exactly offset the substitution effect.

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