trentona0949
Answered

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What is the income effect?

Sagot :

royrodr12

Answer:

Explanation:

the income effect is the change in demand for a good or service caused by a change in a consumer's purchasing power resulting from a change in real income. This change can be the result of a rise in wages etc., or because existing income is freed up by a decrease or increase in the price of a good that money is being spent on.

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