For a Renter, the Income Effect of an Increase in Apartment

question 54

Multiple Choice

For a renter, the income effect of an increase in apartment rents will

• A)have a greater effect than the income effect of an increase in the price of chewing gum
• B)have no impact on the demand curve for apartments, because everything except price is assumed constant
• C)have less of an effect than the income effect of an increase in the price of chewing gum
• D)be almost negligible, because housing is a necessity
• E)occur only when income increases

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