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According to the income effect, when the price of automobiles rises, people buy fewer automobiles because
Cocoa
A powder made from roasted and ground cacao seeds, used in the making of chocolate, as well as in baking and in beverages.
Consumption
The use of goods and services by households or individuals.
Leather Jackets
Durable and stylish outerwear pieces made from the hides of animals, typically dyed and treated to achieve a smooth finish.
Utility Function
A mathematical representation of a consumer's preference ordering over a set of goods and services.
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