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When the price of gasoline increases, Michael buys less gasoline and less of all other goods. This information describes A. the real income effect of
When the price of gasoline increases, Michael buys less gasoline and less of all other goods. This information describes A. the real income effect of a price increase. B. the consumption effect of a price increase. C. the substitution effect of a price increase. D. the demand effect of a price increase
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Economics
Authors: Stephen Slavin
11th Edition
978-0078021800, 0078021804
