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

question 90

Multiple Choice

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

• A) have a greater impact than the income effect of an increase in the price of chewing gum.
• B) be almost negligible because everything except price is assumed constant along a demand curve.
• C) have less of an effect than the income effect of a decrease in the price of dairy products.
• D) be almost negligible because housing is a necessity.
• E) have a greater impact than the positive substitution effect of this price change.

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