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Microeconomics Review questions #1

Question:

When the price of a product increases, consumer is able to buy less of it with a given money income. This describes the?

Answer:

income effect
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Last update by Roger on 02/03/2013
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Microeconomics Review questions  1
Microeconomics Review questions #1
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Question: When the price of a product increases, consumer is able to buy less of it with a given money income. This describes the?
Answer: income effect