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What is implied by the income effect in the market for corned beef Question 2 3 Answer a . an increase in the price of

What is implied by the "income effect" in the market for corned beef
Question 23Answer
a.
an increase in the price of corned beef will reduce the total purchasing power of corned beef eaters, making them able to afford fewer corned beef.
b.
a decrease in the price of a substitute good like spam will make corned beef eaters feel a little poorer than they were before.
c.
an increase in the price of corned beef will cause meet eaters to look for a lower priced food.
d.
corned beef is generally eaten by people with higher than average incomes.

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