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1. Determine which statement below applies when income goes down. (BUDGET CONSTRAINTS: CHANGE IN INCOME) a. Consumer Preference for inferior goods decreases. b. Consumer preference

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1. Determine which statement below applies when income goes down. (BUDGET CONSTRAINTS: CHANGE IN INCOME) a. Consumer Preference for inferior goods decreases. b. Consumer preference for normal goods increases c. The indifference curve shifts to the right. d. The indifference curve shifts downward and to the left

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