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The substitution effect is more likely to be important for goods that have close substitutes. The income effect is more likely to be important for

The substitution effect is more likely to be important for goods that have close substitutes. The income effect is more likely to be important for goods that are a large share of a consumer's budget. Which of the following goods is most likely to be affected by the income effect? Question 26Answer a. A new car. b. A gallon of milk c. A movie ticket. d. A cup of coffee

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