Business, 13.12.2021 19:10 KassandraVillegas
For each situation below, state whether it is an example of the income effect changing quantity demanded or an example of a change in income shifting demand.
a. The mean income in Detroit rises and people purchase more homes.
b. The price of frozen pizza decreases, making frozen pizza more popular among college students.
c. A recession forces many people out of work and more people purchase ramen noodles than before.
d. An increase in the price of game consoles decreases sales, as fewer people can afford them.
Answers: 1
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For each situation below, state whether it is an example of the income effect changing quantity dema...
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