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Which of the following is the best description of the income effect of a price change? When the price of gasoline rises people purchase more
Which of the following is the best description of the income effect of a price change? When the price of gasoline rises people purchase more bicycles and bus passes. When the price of gasoline rises, consumers bargain for a higher wage. When consumer incomes rise people purchase more gasoline. O When the price of gasoline rises, consumers will buy more of all normal goods. O When the price of gasoline rises, consumers' overall purchasing power decreases
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