Housing Tends to Take Up a Substantial Share of a Consumer's

question 288

Multiple Choice

Housing tends to take up a substantial share of a consumer's spending. An increase in the price of housing will result in:

• A) both an income and substitution effect to decrease the quantity demanded of housing.
• B) both an income and substitution effect to increase the quantity demanded of housing.
• C) the income effect of increasing the quantity demanded of housing and the substitution effect of decreasing the quantity demanded of housing.
• D) the income effect of decreasing the quantity demanded of housing and the substitution effect of increasing the quantity demanded of housing.

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Definitions:

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