ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The change in consumption resulting from a change in real income
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demand curve
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income effect
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elastic
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inferior good
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Explanation:
Detailed explanation-1: -The income effect is a change in the demand for a good or service due to a change in a consumer’s purchasing power, which is, in turn, due to a change in their real income. It’s part of consumer choice economic theory that relates to how wealthy consumers feel.
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