The income effect of a price change refers to the impact of a change in
A) income on the price of a good.
B) the quantity demanded when income changes.
C) the price of a good on a consumer's purchasing power.
D) demand when income changes.
C
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On average, prices rise __% in that typical 12-day shopping window
Fill in the blank(s) with the appropriate word(s).
In this graph for the marginal costs and benefits of pollution controls, at output level Q1, pollution control is ______.
a. unnecessary
b. optimized
c. insufficient
d. excessive
The effort used to coordinate the factors of production is a description of:
A. physical capital. B. human capital. C. labor. D. entrepreneurship.
Demand is elastic along the upper half of a linear demand curve, which means that a decrease in price will increase the quantity sold by a larger percentage amount.
Answer the following statement true (T) or false (F)