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The income effect refers to a change in
 
a. income because of changes in the CPI.
 
b. the quantity demanded of a good because of a change in the buyer’s real income.
 
c. the quantity demanded of a good because of a change in the buyer’s money income.
 
d. None of the above.
 

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Akhila Kumaran
Akhila KumaranLv4
25 Oct 2020

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