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During the summer of 2003, gas prices increased dramatically, with one city seeing a 60- cent increase in the average price of regular unleaded. a.

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During the summer of 2003, gas prices increased dramatically, with one city seeing a 60- cent increase in the average price of regular unleaded. a. In terms of the 'income' effect (pg. 87), what impact did the higher gas prices have on general consumer spending? b. In terms of the substitution effect (pg. 86), what goods or services might have become more or less popular as a result of the higher gas prices

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