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What is implied by the income effect in the market for corned beef Question 3 Answer a . an increase in the price of corned
What is implied by the "income effect" in the market for corned beef
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a
an increase in the price of corned beef will cause meet eaters to look for a lower priced food.
b
corned beef is generally eaten by people with higher than average incomes.
c
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.
d
a decrease in the price of a substitute good like spam will make corned beef eaters feel a little poorer than they were before.
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