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Figure 4-22
-Refer to Figure 4-22. The price paid by buyers after the tax is imposed is
Income Effect
Variations in personal or economic income and their influence on the demanded quantity of particular goods or services.
Normal Good
A normal good is a type of good for which demand increases when income increases and decreases when income decreases, assuming all other factors remain constant.
Inferior Good
A type of good for which demand decreases as the income of individuals increases, conversely, its demand increases when consumer income declines.
Inferior Good
A type of good for which demand decreases as the income of consumers increases, contrasting with normal goods.
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