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Which of the following is true about the income effect? Question 7 options: A) As people's incomes increase, they purchase higher-quality items in higher amounts.
Which of the following is true about the income effect? Question 7 options: A) As people's incomes increase, they purchase higher-quality items in higher amounts. B) Consumers' changing incomes change the quality of their purchases but not the amounts. C) Consumers' changing incomes change the amounts of their purchases but not the quality. D) As people's incomes decrease, they continue purchasing high-quality items in high amounts
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