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nancy2457 nancy2457
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A year ago
Consider the income and substitution effects of price changes. For a product with an income elasticity greater than one, a price increase will cause the consumer's real income to

▸ rise and the quantity purchased to fall.

▸ fall and the quantity purchased to rise.

▸ rise and the quantity purchased to rise.

▸ fall and the quantity purchased to fall.

▸ remain constant.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
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AdieMichelleAdieMichelle
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A year ago
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