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When the price of a product falls, the purchasing power of our money income rises and thus permits consumers to purchase more of the product.
When the price of a product falls, the purchasing power of our money income rises and thus permits consumers to purchase more of the product. This statement describes Question 12 options: A) an inferior good. B) the income effect. C) the rationing function of prices. D) the substitution effect
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Microeconomics
Authors: Michael Parkin
11th edition
133019942, 978-0133020250, 133020258, 978-0133019940
