In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this commodity at all. Mr. X is thus affected by the?
- substitution effect of a price change
- income effect of a price change
- opportunity cost of a price change
-
inflation effect of a price change
