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Which of the following can be used as an example of the income effect as a tool in explaining the downward slope of the demand

Which of the following can be used as an example of the "income effect" as a tool in explaining the downward slope of the demand curve for a normal product?

A higher price of a given product constitutes a lower purchasing power of goods and services.

A higher price of a given product directs the consumer to demand more from the other substitutable products.

A higher price of a given product directs the consumer to demand less from the other substitutable products.

None of the above.

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