A-LevelEconomicsConsumer BehaviourFeb/Mar 2019Paper 3 Q51 Mark
In the indifference curve diagram point M is the consumer's initial equilibrium, JK and JL are budget lines and MN is the substitution effect of a fall in the price of good X. [Indifference curve diagram showing good Y and good X axes; budget lines JK and JL; indifference curves; points M, N, A, B, C, D labeled]
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