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fill in blanks Fill in the blanks to make the following statements correct. a. For a normal good (positive income elasticity of demand), the income

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Fill in the blanks to make the following statements correct. a. For a normal good (positive income elasticity of demand), the income and substitution effects of a price increase work in the same direction The substitution effect will lead to a decrease |in quantity dema an increase in quantity demanded b. For an inferior good (negative income elasticity of demand), the income and substitution effects of a price increase work in opposite directions . The substitution effect will lead to an increase | in quantity demanded and the income effect will lead to a decrease in quantity demanded c. The total effect on quantity demanded due to a price change is determined by the sum of the income effect and substitution effect As long as the normal good effect does not outweigh the substitution effect The demand curve will be downward sloping

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