When the price of summer tank tops falls and you buy more because they are relatively less expensive, this is called:

a)elasticity effect
b) deadweight loss effect
c) income effect
d) substitution effect

elasticity effect.

b)deadweight loss effect

The correct answer is d) substitution effect.

Explanation:
The substitution effect is the theory in economics that suggests that when the price of a good falls, consumers tend to substitute it for other more expensive goods. In the given scenario, when the price of summer tank tops falls and becomes relatively less expensive, people tend to buy more of them because they become a more attractive option compared to other more expensive clothing items.

To arrive at the answer, you can rule out options a), b), and c) by understanding their definitions and relevance to the scenario:

a) Elasticity effect refers to the responsiveness of quantity demanded or supplied to changes in price. It is not directly related to the scenario described.

b) Deadweight loss effect is the inefficiency that occurs when the quantity of a good demanded or supplied is not at the equilibrium level, usually due to market distortions such as taxes or subsidies. It is also not relevant to the scenario described.

c) Income effect describes the changes in consumer purchasing power caused by changes in income. It is not applicable in this scenario as the primary factor driving the increased demand is the decrease in price, not changes in income.

Therefore, the correct answer is d) substitution effect.