Question: The income effect: select all correct answer a. works in the same direction as the substitution effect for normal goods. b. is the same as
The income effect: select all correct answer a. works in the same direction as the substitution effect for normal goods. b. is the same as the substitution effect. c. only works in conjunction with the law of diminishing marginal utility d. refers to the change in the demand for a good caused by a change in a consumer's purchasing power e. works in the same direction as the substitution effect for inferior goods
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