ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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This occurs when you feel like you have less money when the price of a good rises.
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Income Effect
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Substitution Effect
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Demand Effect
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Inflation Effect
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Explanation:
Detailed explanation-1: -The income effect is the change in demand for a good or service created by a change in your income. The income effect is also the change in buying power as the price of a good or service falls that makes consumers feel more or less wealthy.
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