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How would you explain the income effect in the market for tuna Question 5Answer a. an increase in the price of tuna will reduce the
How would you explain the "income effect" in the market for tuna Question 5Answer a. an increase in the price of tuna will reduce the total purchasing power of tuna eaters, making them able to afford fewer tuna. b. an increase in the price of tuna will cause seafood eaters to look for a lower priced food. c. tuna is generally eaten by people with higher than average incomes. d. a decrease in the price of a substitute good like mackerel will make tuna eaters feel a little poorer than they were before
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