Question: TRUE or FALSE: 1. The demand function specifies the quantity consumed for any price p > 0 when the consumer's income is fixed at some

TRUE or FALSE:

1. The demand function specifies the quantity consumed for any price p > 0 when the

consumer's income is fixed at some level m.

2.If income increases by 20%, the price of good 1 decreases by 10%, and the price of good 2 does not change, then the consumer must be better off .

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