=+explanation, make use of the utility-maximizing principle of marginal analysis and describe income and substitution effects. In
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=+explanation, make use of the utility-maximizing principle of marginal analysis and describe income and substitution effects. In fact, however, other things were not equal. Over the same time period, the prices of other goods and services rose as well. According to data from the Bureau of Labor Statistics, the overall price of a bundle of goods and services consumed
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